I agree that you can use a Realtor with a proven track record. 

If you do end up segregating, keep good records to prevent having to recapture the depreciation of the reclassified assets.

I look at substantiated and accurate underwriting, and the character and record of the sponsor. 50/50 or 80/20 won't save you if the deal is bad.

Keep in mind travel time, repairs, and lifestyle to manage the out of state rental.

If yes, then the other partners can just do a JV agreement internally which you can record at closing that allows you to still “partner” up on it but allowing the lender to still be protected if anything goes wrong with the deal or people borrowing. 

A quick call with a local attorney can set the record straight and help you navigate this without drama.

That helps get good rentals from business executives who travel there.

If your not ready to spend money on a software you can use tax records.

I do a lot of searching through the MLS and county records, and come across these fairly often, but am curious as to who/what they are.

Keep in mind that the sponsors with the longer track records and deeper bench of investors are unlikely to use some of the newer exemptions.