If you go that route, ensure to use a Qualified Intermediary to handle the sale/purchase otherwise there will be no 1031 exchange. 

They have offices in many states and handle thousands of rentals.

Also, the whole point of hiring a PM is to handle tenant, maintenance, and rent collection, so if your partner isn’t actively managing but just supervising the PM, IMO not worth having a two people essentially looking over the same tasks.Contributing financially for one person and the other having no financial stake raises decision making questions, such as when to sell, how profits will be distributed, etc.

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

Then you'll need to build a team of contractors to handle renovations and to help with things such as property inspections.

You will get killed on the C and D properties which are usually the majority of most properties handled by a metro PM company. 

We already paid them a pretty sizeable entry fee ($30k) to cover some of their equity and debt in another project.

Figure out how you want to handle you investing and what role real estate plays in that. 

The title company will handle clearing the title but won’t manage personal agreements.

Generally, I would recommend not making any such changes to your leases and the way rent is handled for humanitarian reasons.