It's hard to harvest equity on these plays, unless you commit, long-term, towards very light leverage, as the only practical ways to benefit from the equity in your portfolio, if you plan to never sell it, only exchange it, for a lifetime, are to spend the cash flow, or cash out refi.

How legit is their practice if you have an idea about it?

They might be fine managing new construction, but I have seem MANY investors almost tank from their fee schedule on managing older homes...i would compare it to almost predatory practice.

Quote from @Frank Barletta: It is more cost-effective and practical to install a large-size TV and get the Nintendo, Super Nintendo, and Sega Mini consoles.It comes with games preloaded, legal, and each to swap in case something breaks. 

It drives me crazy when I hear these stories preventive maintenance is what should be practiced and discussing all avenues of the deal and the borrowers docs in advance.   

- Any lessons learned or best practices you’d recommend for someone leaning toward this approach?

Here you go: https://dicksonlawgroup.com/practice-areas/landlord-tenant-d...The biggest difference between eviction attorneys is pricing.

Maintain good business practices an carry a decent insurance company.

Is it a normal practice to have a deal set up where you find a new place for the seller to move to?

I've been pretty vocal on this platform against bad syndication practices out there.