This sounds like a JV Agreement may suffice.You can put together an LLC to take title to the Asset and stipulate that in the JV Agreement along with who will control that LLC and related business on behalf of the JV & LLC. 

It stipulates the first 8% goes to investors, but if profits are only 4%, the investor would receive 4%.

It is a single family so you could stipulate that aside from the infrastructure the tenants are on their own.

(that is the city can sell your property to recoop the unpaid bill)   In this case I write my lease to be for $x rent and $x dollars for utilities....but I stipulate that the payment is only an advance payment of estimated billing....once the 1/4 bill comes in I reconcile the difference.... too much they get a rebate....to little they owe me.  

Sandy area as well is doing pretty well for higher market rents with less stipulations.

Plus, even the "easy" private money comes with a ton of stipulations.

What stipulations are there for this to work?

@Christopher Rutherford you wouldn't happen to know if there is a stipulation of how long you have to live in the 'doctor's loan' house before renting it out or if it could be used towards MF units?

Even then, I've caught people in compromising situations.You should also let the tenant know that if they refuse to let you change the filter, they can be held liable for any repairs resulting from a dirty filter and that it may be grounds for termination.Your lease should clearly stipulate your right to enter and perform maintenance as well as the Tenant's liability if they fail to allow regular maintenance.

Also because I’ll be doing one year lease terms my stipulating a co-sign provides protection against vacancy/ missed rent and typical “college” vandalism.