There's more to the L/O than just this, but to answer ONLY this question, you will lease the property from the seller for less than the current rents...which you will collect now. 

Was looking at a small multifamily property locally where the seller had quoted this policy to substitute his ordinary maintenance expenses when I asked for his P&L on the property.

The fund l partnership would pay you a Guranteed Payments for your work as managing member of the LLC. 

I am French, l live abroad and would like to start investing in the US (MI).

@Kevita L.

First you will need to create a proposal complete with T-12 P&L and RR on your first 4 plex, then would need to show your design plans, zoning approvals and pro forma on the new 4 plex.

Originally posted by @Pat L.

@Jessica Stevenson@Lawrence L.

@Taylor L. 

Of course I had to provide tax returns and a P&L but it wasn't difficult at all and still got rates under 5%.