This is the other main aspect of having a low-stress group living situation in your rental properties. 

@Robert@Robert Sapienza  The legal aspect is something for your attorney to figure out.  

The are in decent condition, 3 year old roofs, in good repair and working order but 2 are in C areas and definately lived in.

SMH Clearly there are those on here who have no clue what defines a CAP rate! 

What type of properties are you looking to acquire, sub-market, budget and other aspects? 

Set up a draw, define your milestones, and pay on time.

Finally, I spent two years almost exclusively working with investors, providing nearly every type of financing.My guess would be this: there is a very definable trade-off between local knowledge and access to properties that "check all of the boxes". 

Beyond that, and the most impressive part is that you have defined your "why". 

You need to define what you want from these people before you can evaluate them.

What do your numbers say.... you'll probably want to define how long you want to hold the property.