Do what best fits your business volume and necessities.

1) Yes, property management is a necessity if you want to scale your business.2) Every partnership is different, on this deal both partners put up 50% of the capital for 50% of the equity.

They are likely hocked across the board out of necessity.

From my perspective, investing in your self-betterment and education is a necessity.

@Joe Villeneuve  I get your strategy but I don't see the necessity to sell if you are sticking with SFR's, just refinance and save the realtor fees. 

Now if you were running a petrochemical factory, an amusement park, or a grocery store; then I can see the necessity of software.  

This is a freebee for subscribers to The Allen Letter which many community owners consider an absolute necessity.

I make sure I have a commitment from the seller and an understanding before I list anything for sale.I tell the seller upfront in Georgia as a broker I can lien a commercial property and stop a sale for money I am owed.If they are out to something underhanded I will learn it then before I lift a finger marketing the property.If not then we have an understanding of what will happen.I don't take listings where seller do it out of necessity but believe the broker has no value.People need to stop playing games and conduct business.I don't have time for flaky buyers and sellers.

I do this out of necessity because thats where my liquid assets are.

The producers of necessities would have severe bargaining power absent a reliable medium of exchange.