The equity partner should receive a preferred return first... once that has been funded then 50/50 split 

Preferably, someone with plenty of experience that has been in the business for a long time. 

@Samuel Ksiazkieicz and @Amy LuThere are various companies like foremost, diamond preferred, Aegis, North Pointe.. based on location, rental loss coverage, swimming pool in property or not, pets etc.; the rates are different for various locations.Normally, I use an agent; who helps to locate the  best price. 

My advice on investing back in the states is definitely make sure you have someone back there you fully trust (preferably with a stake in the properties success) before you do.The Tokyo Brewdog monthly meetup can be a good place to get some details on what's out there but be wary of everything you are told as Ivery found a lot of info I was getting wasn't entirely complete and found myself discussing more in some other circles with friends and colleagues these days.Happy to talk specifics sometime of you have questions. 

Potential locations for my first buy preferably somewhere close to where I reside (Virginia, Maryland, or North Carolina).

Greater Houston area would work, but preferably Pearland / Greater Clear Lake.Thanks,Juan Monge 

Have they explained why they prefer upfront payment?

- Motion trigger activation, and I’d prefer if it would record longer than 30 seconds when triggered - The ability to download and store videos - Real time notification on my phone when camera is triggered - similar to my Ring doorbell I use at my home- Cameras record both video and AUDIO- My ability to talk to people through the cameras would be a bonus - Night vision for outside cameras a bonus- Ability to remotely swivel horizontally - and vertically?

So, ideally a 30yr track record with no investor losses across hundreds of deals is preferred, but in reality, for many people reading this, you will either get experience and long track record, OR impeccable, no investor loss track record.  

Ideally, I’d prefer to invest in my hometown, Tyler, TX, about 2 hrs from Dallas, because I’m more familiar with the best areas to invest in and real estate is much cheaper than DFW.