Gita,At least the way I prefer to do things is to only run accrual based accounting activity on my day to day operations.

Looking to see if anyone has a basic template of an operating agreement for a business partnership of two parties involved in the fix and flipping business?

I do NOT think having an operating LLC located in a different state than the ones owned is overkill. 

My point is even some experienced operators doing more extensive/sophisticated value adds are struggling in this market. 

One thing I always remind people is it does not matter what is on a powerpoint presentation, the deal is dictated by whats in the PPM, operating agreement and subscription agreement. 

Those are not the most important parts of the operating agreement.

Some numbers:Expected 2026 income after raising rents to market value and assuming 7% vacancy: $144k.Expenses: $14k property management, $18k property tax, $10k insurance, $10k utilities, $8k in repairs/maintenance/advertising/admin/etc: Total operating expenses: $60kNOI: $84kBased on 6% cap rate that brings the valuation to only $1.4m, or $1.5m based on 5.5% cap rate.

We have another park with a free space rent manager and as we have raised the rents he continues to live there for free. 

Thus, I'd expect something like the following for the next three years for US rents: 1) 2025 will not see much national rent growth as we continue to deliver so much supply that prices remain largely flat.

Although he is a banker, he thinks having the ability to operate as a broker and place loans with 30+ other lenders, in addition to his bank, is the "best setup."