There is well developed  case law that points to a guarantor having to receive a benefit in order for the lender to hold them accountable in the event of a default etc.

Also, make sure that they have money in their accounts in case things don't go as planned.

However, even in these cases, you typically leave a small amount of money in the deal and only break even before accounting for vacancy, repairs, and other expenses.

Both my wife and my background is in manufacturing, specifically operations, customer service, and project/account management. 

Here are five dangerous provisions to watch for in an Operating Agreement:Dangerous Provisions to Watch:Authority to incur debt without investor approvalPower to make loans to other entities/projectsAbility to cross-collateralize with other propertiesPermission to use investor capital for other venturesCommingling of funds across different projectsWhy These Are Potential Ponzi Indicators:• New investor funds could be used to pay existing investors• Project-to-project lending can mask poor performance• Cross-collateralization puts your investment at risk for others' failures• Commingling enables masking of financial problems• Lack of project segregation enables fraudulent schemesProtective Measures to Look For:Strict single-purpose entity requirementsProject-specific bank accountsDebt limitations and investor approval requirementsProhibited related-party lendingClear fund segregation requirementsProfessional Best Practice:Request bank statements showing separate accounts for each project.

So, an IRR rarely gets taken into account during due diligence, although like most real estate transactions, the exit has the highest potential for return.I'd love to know some average numbers for a turn key.

@TJ Woolum did you end up joining mastermind or accountability group?

If you have a high 7 rate then it might be beneficial in the long run to pay it down if you don't want to put it in a 4% savings account or CD.  

That is the basic run down, I would suggest syncing up with a real estate knowledge accountant for your specific situation! 

Some costs are eliminated (such as 'soft charges') while others are accounted for in the interest rate.