A syndication was way overkill because there were only 5 capital partners so they customized an operating agreement with their attorney that outlined roles and responsibilities, distributions, membership interests, etc.And you don't have to have all this stuff figured out right now; it's very customary for us to assign the contract to whatever customized entity we end up forming.Just one caveat. 

-Legal Protection: A real estate attorney should draft the seller financing agreement to make sure your interests are protected.Final ThoughtsThis might be a pretty awesome first project if you can work out some sort of low-down, seller-financed deal with sweet terms.

Who pays when the resident breaks the agreement and quits paying? 

If they have a lease agreement for more than 30 days, you have to follow the eviction process. 

If they have an legally binding agreement, you need to honor that agreement and pay the fee.If you failed to mention to the agent that they are going to get paid, and then explained how, of course they won't present the offer.

I wouldn't have brought a plumber out for a smell like this without tenant's agreement to pay if nothing was wrong. 

Is there that kind of flexibility in a purchase agreement?

Some companies may include in their contract that property management fees much be paid for the length of the agreement regardless of if the property is sold or removed from their management.

Review their management agreement.

Typical cost for the setup would be in the $15,000 range which would include production of the Private Placement Memorandum, Subscription Agreement, and Operating Agreement, Investor Qualification Forms, as well as filing Form D with the SEC, and state “Blue Sky” filings in those states where your investors reside.