There will be a rise of flat fee brokerages (offering limited services) and creative compensation arrangements, such as RE consultants for time or a specific transaction.

You don't need a "mentor" to understand OPM, you just need an investor friendly lender to work with that is a bit more consultative, there are a few out there.

I would consult law enforcement to make sure he doesn't have firearms.

Consulting with a real estate attorney or financial advisor experienced in such arrangements might provide valuable insights into making this deal happen smoothly.

We are searching for deals online but will definitely consult a realtor in the respective market and will go in person to check it out.

@Bryant Brislin I think what you describe that you are doing is HOPEFULLY somewhere along the lines of that distressed home consultant is doing. 

She does midterm rental consulting. 

I'm happy to discuss more as we provide consulting.

Ask them when they issue distributions (anything before the 15th of the month is a red flag), do they require reserves, how is maintenance charged, do you see copies of outside contractor bills, do they upcharge materials (PM's have LAR accounts with Lowes and often get 20% off), do they keep all late fees or just the management fee, what other fees do they charge (renewals, inspections, etc), where are tenant security deposits held, how are evictions handled and are you consulted before filing, what screenings do they run, what qualifications do they require from tenants, ask for a couple other owners to visit with for a reference. 

(BUT when qualifying the tenant's income, they only need to qualify for their portion). 2) Consult an attorneyyyyyyyyy :)3) Standard I've always used is no more than 7 days per month and max of 14 days per year, otherwise they would be considered an Occupant and need to complete a background check and add to the lease.