. $100/unit/month is a reasonable planning goal.Now regarding you question about cash flow and class of neighborhood... if you want to be hands off, please focus on higher end rentals.In my opinion, lower end rentals need landlords to advocate for the neighborhood else it'll stagnate and possibly take a turn for the worse.If you’d rather avoid the default leadership role, then aiming for less cash flow would be wise.

It's a great workout for you, the homeowner, if you want some exercise, and the results are great when you're done, but I wouldn't recommend you let your renter build a fence.Take Care,Chris

We have a thirty + page operating agreement outlining all roles and company/partnership by-laws.

In that event, you will take a lesser role, but you will learn what it takes and get your feet wet across many different ideas within the realm of owning and operating commercial property.

Definitely treat renting your home as a business and not a social exercise (And I don't think you need an LLC in your case.

Maybe assign first names (even if bogus) and their role so we can understand?

I so look forward to connecting with others in the real estate community to learn and share.By getting into real estate investments, I know that I will not only make a better and more fulfilling life for myself and my family, but I will also be a role model and possibly have a positive impact on the neighborhoods that I grew up in (war zones-we'll see).Right now I am so excited, maybe too excited, to jump right in.

Buyer gets deed when they exercise the contract.

(technically, they get an 8% preferred return and I get a 6% developer fee if all goes to plan, then we split any upside after that).In your situation, if you and your two buddies all put in cash, and all have some sort of management/decision making roles, you could divide the ownership and upside according to your capital contributions.

Sounds as if your parents would take on a lender role rather than partnership role, therefore, the documents are pretty easy and straight forward.