These documents include your operating agreement/ corporate bylaws, articles of organization, certificate of standing, and the EIN letter. 

Landlords mistakenly ASSUME all PMCs offer the exact same services and operate the exact same way, so price is the only differentiator.So, the first question they usually ask a PMC is about fees - instead of asking about services.This also leads them to ASSUME simpler is better when it comes to management contracts.

The plan is to keep operating the property as a PadSplit post-acquisition.

Now have a portfolio of 6 properties with some that are owned others just managed but turn key operation for sure. 

You could create an operating agreement granting one of you the powers - but it is a fair amount of energy/time/activity for someone to manage and find deals.

I would also urge you to make sure you fully understand how they operate , A-Z (from how they make their profit to how many doors they are managing). 

It is a number that virtually anyone would find to be reasonable (I believe it is 6 small holes per wall). 

While I have managers handling the daily operations, I still oversee everything remotely.

I realize this is an older post, but I just wanted to drop a note and mention that my family and I own and operate a property management company that primarily serves Palm Beach County.

It is like operating your bank account in overdraft mode all the time.