Cost is $1000. 

No. 

If I am reading correctly, they are simply supplying the money for the partnership. 

Full credit/background check:  Look for missed payments, and any theft is always a no go.2.)

If not rented at fair market rent, this property will just count as your residence, not a rental for tax purposes.Structuring the property under an LLC or land trust could trigger a due-on-sale clause, so check with the lender before proceeding.To minimize risk, consult a CPA for tax strategy, weigh financing costs, and draft a legal rental agreement.

You are adding costs and complications for no benefit at all.

I also don't like funds for the lack of transparency (no DCF, no rent comp, no sales comp, no sensitivity analysis etc) even if properties are already identified.

Anywhere that has consistent or slightly growing population and a decent job supply may be a good fit.

Today it has good cash flow (~$6k/month using 49% expense ratio) and is up ~$1m above costs.  

When I started there was no Facebook, but now I have a personal page, business page on Facebook, website, linked In, and they all say that I help people with their real estate issues.