On the more "inexperienced" side, I have a friend that partnered with a syndicator, and that syndicator outlined the following, typical, structure:Deal Sourcing: 20%Underwriting: 20%Asset Management: 20%Capital Raise: 40%Others will partner where splits of various fees/carried interest vary based on each partners roll: i.e. if one person sources the deal, underwrites and asset manages, they get say 70% of AMF, Dispo Fee and Carried interest and 40% of acquisition fee, while the capital raiser keeps 30% of those fees and gets 60% of the acquisition fee. 

This isn't the same thing as REPS (but is required for REPS).These tests determine whether you qualify based on your involvement in your rental property(ies).

Here’s a breakdown of the pros and cons of each approach based on my experience:Tenant Swapping:Pros:Tenant Retention: Keeps the property occupied, which helps avoid vacancy periods.Minimizes Turnover Costs: No need for cleaning, marketing, or re-screening tenants if the new person is already known.Flexibility for Tenants: Can be seen as a more tenant-friendly approach, allowing them to find a replacement without facing penalties.Cons:Risk of Unknown Tenants: The new tenant might not be as reliable as the original one, leading to potential issues down the line.Lease Violations or Delays: If the new tenant doesn’t meet the lease requirements or fails to sign a new agreement, this can lead to complications.Operational Complexity: Keeping track of the lease terms, managing paperwork, and ensuring proper screening for new tenants can increase administrative work.Notice for All (One Notice to Vacate for Everyone):Pros:Clear Expectations: Everyone knows what’s expected, and there are no surprises with last-minute tenant changes.Consistency: Easier to manage leases and tenant turnover with a straightforward system.Quality Control: You can screen all tenants that are moving in, ensuring the new occupant meets your standards.Cons:Longer Vacancy Periods: The property may stay vacant for longer, especially if finding a replacement tenant takes time.Tenant Frustration: Current tenants may not be happy with the requirement to vacate, even if they want to stay.Marketing and Re-screening Costs: You’ll have to go through the process of finding and screening new tenants, potentially leading to increased costs and downtime.I’d love to hear what others are doing!

I'm based in WI and there are several people from NY investing here, some successful and some not---the common thread I see from the ones that are not is that they relied on someone else for information instead of investigating, VERIFYING and doing their own due diligence. 

Based on comps I could get about $2,200 a month in rent. that breaks down to :-$1,100 (+) -$600 = -$1,700 in mortgage/HEL$2,200 -$1,700 =$500.00 profitOr the Home Equity Agreement I get the $62k cash with no payment.

I'm also based in CA and invest out of state (Detroit).

.- Phase 2 (April 1, 2022)Applied to all remaining existing policies, transitioning them to the Risk Rating 2.0 methodology upon renewal.The new system replaced the decades-old approach to calculating flood insurance premiums, aiming to provide fairer and more accurate rates based on individual property risk.Before Risk Rating 2.0, flood insurance premiums were mainly based on whether a property was inside or outside a designated flood zone and its elevation on a map. 

Phoenix has a pretty diverse market, and while there’s no official A/B/C/D breakdown map, you can generally categorize areas based on price points, rental demand, and appreciation potential.For BRRRR, you’ll want to focus on places where you can still find properties at a reasonable price, add value through renovations, and get solid rental returns.

I’m based in Long Island, NY, and planning to leverage the equity in my primary residence to fund this first deal.

I trust his advise but I feel that its not worth taking a chance and I should ask her to politely leave based on the fact that she has lied on her application.