We have one client who demo scope of work usually entails about 2-3 pages it is so detailed.The next item is asking the right questions and get multiple references.

I am used to working with friends and family for many things real estate related so I’m not concerned about it I just haven’t done this particular partnership (outside of an LLC) before so don’t know what exactly it entails legally. 

I suggest you get a P/T job (or F/T if you can handle both) at a property management firm so you can see all that being a PM entails.  

I've been going through comparing information as to what it would entail to have an HOA that impose the by-laws mainly consisting of the violations: noise. 

Who has dealt with this before and what does this entail?

I actually have no idea what a Master Lease does or entails so can't speak to that side of it.

Which I believe would entail wrapping the mortgage.

What does that entail?

If that entails you losing out on rent so be it.Eviction eh.

That way I or my business partner in the LLC can handle the property management for all the properties.By breaking them up, we could always do the property management for him for a fee, but then that would entail being a PM for someone else and taking on whatever additional liability or costs that entails in Maryland.It’s definitely sounds cleaner to break them up.