Take ownership of your mistake and learn to do the proper due diligence recommended above😊

North side Chicago I have never even had to give a tenant a late fee and none of the tenants I have placed for clients have ever given them issues either, properly picked people pay like clockwork on autopay.

I’m looking to ensure I structure things correctly and attract the right partners.

If you have a business entity(you want to properly track money going in / out from its owners).They will likely be classified as contributions / distributions.Best of luck!

Best way is to consult with a tax advisor to ensure compliance with IRS guidelines.

How would you recommend, or what resources would you refer for us to properly figure out how we spend our time and appropriately get compensated for it?

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

However, ensure you understand the local tax structure and any potential future changes.Economic Dependence: While Albuquerque has a diversified economy, it's worth noting that government and military jobs play a significant role.

And if it were set up where everything went through a title company so the buyer pays the title company, they manage the buyer's loan (from me), and the title company ensures my mortgage is paid without my direct involvement... what parts of the transaction would feel risky or not worth the headache to you? 

Unfortunately, relying on a "nice card" approach doesn't always ensure that tenants will vacate the property in good condition.