I think the best thing to do would be to spell out the deal I have now and let people offer their input.

No or little cash and lots of leverage can spell disaster.

And the bylaws and operating agreement spell out where management responsibility lie.  

@Bill Spell I do cash-out refis all the time for people whose Private Money investors decided they wanted their money back before they were expecting it.

The local contract likely states somewhere in the boiler plate the following items are to be conveyed in working order. etc.If they are not, the contract will spell out your options. 

It may also be spelled out in the auction terms.

My recommendations regarding learning more about this industry would be to find someone with operating knowledge of these properties and see if they will mentor you for a while before you try and jump into this industry.Other suggestions would be to focus on limited-service, interior-corridor properties since financing these types of properties is much easier.BTW, the spelling is generally Patel.

If it is then It's standard and almost always spelled out in the loan docs that you will submit annual financials.

Each lease should spell out any caps on CAM expenses ( if the tenant pays any ) that the tenant is responsible for.Generally there is a primary term of the lease and then option periods.

@Bob Bowling ill be honest. im still very confused. im still not seeing why i wouldn't want a high cap rate. to me that just spells out more income. also i am going to go look up NOI again because i cant recall what it means