A CPA who specializes in partnership issues can also likely talk through these issues with you.3) Depending on the size of the deal - Keep It Simple - the number of really complex agreements that come across my desk for a $500k property is crazy, and it ends up costing as much to do those tax returns as a comparable $5m deal

Sometimes you dont have much of a middle ground depending on the demographics.

It's a range and depends on the property type, location, end condition and rental strategy. 

The choice between JVs and syndication depends on personal aims and interests.

@Keith AngellFrom my experience, both a HELOC and refinancing have their advantages depending on your goals.

Be sure you are comfortable with the math and know exactly how much you should be getting depending on how the property performs at different levels.  

Most PM's here charge 15-20%, most are 20, but will depend on what services they offer.

Loans like this can be useful or very dangerous, depending on how you manage your business.The ideal situation for a loan like this is when you have a property that will take a while to get up and running. 

Depending on how the tenant works out, might ask you a few questions.

My recommendation would be to choose potential markets - in several price points - that have strong rental demand and year-over-year rent increases and that also are in markets that are appreciating.