You can't be an REI in today's environment if that's your struggle, as appetizing as it sounds to be one it's just not practical.  

What do you usually look for in regards to best practices as a private lender?

Where You Live: It's usual practice to register an LLC in the state in which you call home.

Hi EveryoneI own a 4 unit in Columbus, Ohio and I am a W-2 school psychologist, however, I am expanding my private practice so I am looking for a CPA with experience working with and advising small businesses as well as real estate. 

I strongly suggest you talk to the Broker, not just an agent that works for the broker.All that said, who on BP wants to hop on and defend the practice of putting a house under contract w/o any intention of closing?

Its more so they can communicate concerns or issues with me if there are any as well as not be held responsible for potential damage that was not caused by them.Is this common practice? 

Private investors or lenders to flippers is common practice as is the 50/50 split. 

Though I don't think NOI in residential has any practical use in valuations or towards other financial instrument applications, it definitely is helpful to analyze synergies forecast in OPEX when you get multiple properties. 

1) They will let the lease slip into a month to month practically forever.2) There is no incentive to seeking rent-raises unless the staff has financial incentives to do so.3) The alternative is a vacancy - costing the Landlord / Owner thousands of dollars! 

Motel owners leaving at the property is common practice.