@Mike Hern so long as you hit the criteria outlined, I would treat as a STR.

The deposit belongs to the tenant, not you, so it shouldn't be subject to any terms outlined in the PM Agreement.If you have a written contract, I recommend you dig through it carefully to understand what you agreed to.

@Evan Polaski outlined a good case for this above and I agree with what he wrote.  

A DSCR of 1.25 or higher is usually required.Property Appraisal: A professional appraisal to determine the property's value and income potential.Business Plan: Lenders may require a detailed business plan outlining your strategy for managing and profiting from the property.Experience: Demonstrating your experience with smaller multifamily properties can be beneficial.

At this point in my response I outlined what actual market rents were for similar properties.

Well typically speaking the arbitrager, but the real answer is the lease agreement will outline who is responsible and it is technically negotiable.

Typically, you’ll need a promissory note (outlining the loan terms, interest rate, repayment schedule, etc.) and either a deed of trust or mortgage to secure your interest in the property.

The contingencies are just as important-Did the agent write an outline of the email in the offer and tell you why they're a good agent to work with?

I have a brochure that outlines both the current financials and the value-ad opportunities.

(I've seen a lot of groups choose this structure) (See #1)4) Become a part of the issuer (GP-side) (Yes, this means you would take more an active role in the deal)TJ I agree with your number 1 I don't know any syndicators that will pay referral fee's as out lined by the OP.. he needs to be part of the management team is my thinking .. or the fund of funds idea.. that works.