Second, as sponsor you want a 1 - 2% annualized return asset management fee AND 20% of the profits after the investors get their money back.  

If you planned on moving out of a house and buy another property, as an example, you could pull a HELOC before you moved out and keep it as an emergency fund.  

You must have the Business tax license & pay all the fees required.  

It's much easier to unwind a fee for service relationship than it is a partnership.  

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?

While your condo snowball strategy builds equity, modest cash flow and HOA fees may limit returns.

Since I am super new to this, I do have a few questions:By testing the list, do you mean what data am I pulling (absentee owner, tired landlord, etc)Testing my mailer, do you mean trying different messaging?

From there, you can move on to the BRRRR method with single-family homes—buying undervalued properties, rehabbing them, renting them out, and refinancing to pull out your investment for the next deal.

Also who pays servicing fees. if curious to learn more reach out. 

Personally I'm working on a very exciting niche, but will take some time to pull together; and I'll give you more details as it moves ahead.