@Gamal Harding you forgot that it's never fast enough for tenants or cheap enough for owners:(

Following the shiny object, throwing money at a market you don't know well, and blindly trusting strangers that have a clear profit motive put you in a poor position to succeed regardless of where you choose to invest.

We found a cheap rental rehab home and and I'm trying to come up the best way to structure the operating agreement.  

Cheap easy Value Add. 

Seller can do cheap cover up fix, then he said i believe it fixed, and by law he will be protected.

It's throwing good money after bad.

It's very important to have a good PM and not go cheap or there's a high chance your rental will get poorly managed and you'll lose money in the long run. 

Judge may also decide to prorate or chop that amount down, or throw it into the bucket of normal wear. 

By nickel and dime-ing it I did not mean we were buying cheap or low quality properties, I meant we were adding properties as they became available in neighborhoods where we were already invested.

These properties today can throw cash like crazy, but you'll be dealing with a certain kind of tenant and depending on your tenant screening could be looking at higher costs due to poorer tenants.