Maybe I’m wrong but I had to do that on our STR (Ring) and Wyze also requires close proximity on initial setup.

Do have an idea of your preferred acquisition price and how much rehab might be required? 

These are all important considerations, and understanding the requirements can save a lot of headaches down the road.

If you give someone over 19% membership interest in the deal, the bank will usually require a personal guarantee from that individual. 

If you ask the manager to justify a fee and he starts hemming and hawing, move on or require them to remove the fee.

Assuming you don't have a mortgage that requires a certain level of insurance, you can get a stop-loss policy covering all the properties. 

Yes, my banks require a 1.2 DSCR debt service coverage ratio, meaning they want to see rent 20% higher than the mortgage payment.

They require all cash to buy so the people there have money.

Quote from @Kody Smith: without getting too deep into my finances, what my strategy is...1. take loans to buy properties (leverage)2. fix/flip for day to day cash flow income3. use some of the fix/flip income to buy consistent cash flow through:- business acquisition, - commercial properties (MF and store fronts),I have no intention of doing ALL of the management myself, I will hire management as needed (medium term goal)my expected core role is money provider, evaluating the numbers, making decisions, and connecting with investors, wholesalers, lenders, contractors, and property owners.while I am just on step 2 of the journey, I am looking toward step 3 to stabilize, and not worry about if house prices drop mid project or not (or not worry as much) So to be fair this is more about obtaining and growing a real estate business not simply buying rentals for cashflow.

Requiring occupant to have renters insurance is another possibility for extra protection.