A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.

Am I misunderstanding?

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.

Just be sure to outline everything in a clear, legal agreement to avoid future misunderstandings.

Maybe I am misunderstanding or wrong in some way, but I would definitely reach out to your accountant, or a good one in the area as they can get a full overview of your situation and recommend based off what is required in Missouri. 

Please don't misunderstand me, I definitely welcome everyone's advice and thank you all.

No other product can allow one to do this (HELOCs are similar in a sense but have drawbacks and limitations that whole life does not).I can tell you misunderstand the underlying mechanics of IBC yourself in how you mention credit (you're not alone!)

Unless I am doing something wrong.Lets say there is no loan and just one investor for arguments sake.the property is $1mil   from what I have seen average NOI for a $1mil property is about 50k a year.6% of 1 million is $60Kso clearly I am misunderstanding something or just being completely stupid.Could someone explain this to me?

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.