I feel I'm on the low end, but my COC return a year later is roughly 14%.

As for rent, the three parties agree on a fair rent for the apartment and that is what you pay the partnership every month in rent.

There's obviously opportunity here to build this out and turn it into a basement apartment, which I think would cash flow because of course there's no mortgage. 

I'm going to follow this to see what tips folks provide.MikeHey Mike, I am actively investing there so feel free to reach out with any questions!   

It feels like a bit of a catch-22 situation where the skills are needed before getting the job.

I think other people seeing makes me feel accountable to post along with having it written out.

Make sure the previous property management company did their job and communicated a change in management prior to you taking over--along with your contact information.If they have no done this, they should so the tenant doesn't feel like a scam may be going on.Just make sure they're away of where rent payments need to go and who they can contact in the future. 

They cited insurance reasons, which could very well be true, but many residents felt it as a big "f you" Now folks from outside the community could argue this was an entitled stance from the residents, to feel they had access to this private land when they didn't, and that on the face is certainly true.

Examples might include areas in the Midwest, Southeast, or Sunbelt regions.Multifamily Properties: Consider duplexes, triplexes, or small apartment buildings to increase unit count and spread risk across multiple tenants.Short-Term Rentals: If you’re comfortable with the management requirements, STRs in vacation or business travel markets can offer significantly higher cash flow potential than traditional rentals.Value-Add Properties: Look for opportunities to buy undervalued properties where you can force appreciation through renovations or better management.Decision FrameworkRun the Numbers: Compare the projected cash flow, equity growth, and tax implications of selling versus holding with a refinance or HELOC.

All this, it's my honest feelings about flat rate vs %  for PM fee's.