As for rent, the three parties agree on a fair rent for the apartment and that is what you pay the partnership every month in rent.

As far as self managing, it’s fairly easy.

But either way, it is a fairly substantial number of States and many of which have large population centers.

Since this four-plex is in my region, I will be the one taking care of maintenance and management while the investor won't have to worry about anything but to receive the money haha.Let's confirm a few things before you get questions from a bunch of other folks on the forum.How much of your own cash/equity are you planning to contribute/invest to this deal?

So I would suggest keeping your STR property geographically close and doing as much as possible to keep your profit% high as possible.As far as the actual house you use, I would just say - be honest, be fair and strive for the best area, most amenities, cleanest house, best communication, and any other extras you can get.

You can find comparable sales in 2017 and use that dollar/acre figure to arrive at the fair market value then. 

Find a reliable team, offer fair pay, and keep them motivated to stick with you for future projects.That’s what I have off the top of my head.

A good sponsor is someone you can trust, that does good due diligence, is fair to both sides, etc.... 

A number years ago, I went to town buying a bunch of rentals in a short period of time and I can assure you they took money from my family instead of putting money in my family pocket.

Be careful not to violate any Fair Housing laws during this process.