I managed the rentals myself up until early this year when I hired a property management firm in order to get some free time back, have some backup so I can go on vacations again,  and in response to the hostile political environment towards landlords in seattle.My long term plan with REI is to get to a large enough door count such that with sufficient equity the net cash flow is enough to live on comfortably  (which I would define as matching my current gross software engineer's salary).    

This will help you narrow your areas of focus and help define what savings goal you should be working toward. 

The best deals over the last 12+ months  are definately off market properties. 

Yet.)The actual Request/QuestionWe are currently having a lawyer draft up a contract to define the partnership (as private persons, no company structure yet), and it would be very helpful to me if you could look over the main points and give me feedback!

These deals are in the Metro Charlotte area, and have value add components as well to force appreciation.

If they're not, it's a long and involved (and expensive) process.Most often, the larger parcels will be developed into graded lots by one of the regional development companies, then sold to regional builders to construct and sell the finished homes (and potential commercial components).Smaller developers (like myself) can take on the smaller parcels (say, 10's of acres) that are too small for the regional companies to touch - there's an opportunity for your client to partner there and capture more of the profit stack if s/he's interested.Regardless, there's plenty of brokers who work in the space and broker between land owners and developers for owners who aren't familiar with the business. 

@Paul Yousef The benefit of cost seg is dependent on the amount of '5-year' property (i.e. non-structural components in the building) that can be identified, 'segregated', and accelerated.

The amounts paid for the printers meet the requirements for the de minimis safe harbor.For the tangible property capitalization rules, the UOP for assets generally consists of all the components that are functionally interdependent. 

Keep in mind that BIG component is your depreciation - which could easily be the biggest "expense" for your rental.

Very clearly define the profit split in the GMP contract.