Find a reliable team, offer fair pay, and keep them motivated to stick with you for future projects.That’s what I have off the top of my head.

Yes first-time buyer DSCR is actually fairly common, especially here in Southern MI. 

What would a fair cut of the profits be?

We certainly haven't ruled out investing in Wisconsin, but we have friends and family that live in both CLE and CBUS, so we travel to those markets fairly often.

In the meantime we are talking to the property manager to find other STR's in the area so we can support a fair market STR rent. 

For example if you were to exit a new build in 5 years there may be no cap ex cost (i can think of few cap ex items that does not last 5 years - maybe carpet in class c and lower), just maintenance costs which would be fairly small.Best wishes

A fair rate for solid management typically falls between 20-25%.Superhost or High Review Ratings Matter – Ask if the properties they manage consistently earn Superhost status or maintain high guest ratings.Communication & Accountability – A good property manager should be responsive and proactive.

We have fair landlord-tenant laws, similar to Texas, but still the specific process is different.

Chances are this is NO deal property as the X will want their fair share and a fair market appraisal will need to be done and the equity split equally.   

I know this is above and beyond what most municipalities require, but being fair will make the whole process easier.Additionally, a new landlord can reduce the 60-90-day notice by offering more moving assistance (cash and/or labor) if they move sooner rather than later.