All they have to do is follow the simple contract where everything is outlined.

Should the Owner require the Manager to make unscheduled visits to the property(insurance proposes) above and beyond the duties outlined in this Agreement, a fee of $75 +GST will be charged per visit.Thoughts??

I also like the strategies outlined in Brandon Turner's "Rental Property Investing" book.  

A syndication was way overkill because there were only 5 capital partners so they customized an operating agreement with their attorney that outlined roles and responsibilities, distributions, membership interests, etc.And you don't have to have all this stuff figured out right now; it's very customary for us to assign the contract to whatever customized entity we end up forming.Just one caveat. 

It outlines profit and losses from rental real estate.

Once booked we have a rental agreement that is simple and must be signed and outlines the house rules. 

I'm sure they are out there but this is just a rule of thumb and I would rather use J Scott's approach when he analyses deals outlined in his book.You factor in your desired profit as a cost and you work backwards.

Outline a clear exit strategy to meet your long-term goal of retaining the property for cash flow.Work with a CPA to ensure tax efficiency, particularly around depreciation, capital gains, and partnership income.

The owner was open to the idea and outlined their terms and conditions.After several weeks of negotiations, we reached an agreement, and the seller signed a binding contract.

Create a short presentation that outlines your process and risk mitigation strategies.