In the NE states, AKA tenant friendly states, I would always have a PM to help protect my interests.

So for example, let's say a friend of mine wants to get involved in real estate but doesn't have the time, knowledge, experience, or resources to do it very well.

✅ Demonstrate that you are a good person to work with.Be responsive, transparent, and friendly.

I grew up in North Florida so I have a lot of family, friends and business contacts in that area.  

The LP got it from a friend who is in some kind of real estate mentoring program.

Low barrier to entry, low taxes, landlord friendly, and areas that appreciate + cash flow. 

From the architectural wonders of Downtown to the tranquil, family-friendly communities on the outskirts, there’s always something new to explore and learn.The city’s constant evolution means different investment opportunities are always surfacing, whether it's the push for sustainable living or a growing emphasis on smart home technology.

A 50/50 split, while not uncommon in the world of flipping, is very sponsor friendly, relative to the typical syndication which will typically start at 80/20 or 70/30 splits, with a vast majority of proceeds going to the LPs, along with a preferred return that gives them 100% of the cash flow up to a certain annualized return metric.  

I have a potential partner who is a long-time friend.

Just google the following: - special assessment - zombie condos - Florida condos (look for recent news)Since you are not living near the properties anyways, why not look in a landlord friendly state where the purchase prices are lower?