You split the monthly proceeds assuming there are monthly proceeds, and upon exit in 3 years, you split the profit from the deal, again assuming there is any and everyone is evened up at that time.If you were pitching me on this, I would say no because you assume no risk. 

. - Fortunately, our transparent systems allowed the owner to catch it:)- Full transparency - we would have never caught this honest mistake:(An owner also needs to be involved to approve & fund large expenses: maintenance, property tax & insurance payments (if they want to be more hands off), evictions, etc.A great PMC should also have a chat with you annually about your future plans for a property and your portfolio. 

Not if insurance paid for it.

We are now appealing a denied claim with the insurance company.

He isn't a motivated seller.If it will rent for $1900  a month, that means to make money you have to have a payment that includes, principal, interest, prop taxes, insurance, at less than $1400 a month. $190,000 at 3% interest is P&I $801 + prop tax plus insurance a month.

He had insurance on the S-Corp for one million and none for himself.

The bank also commits insurance fraud when it collects on the default swaps, not to mention the free properties through fraudulent foreclosures, which automatically violates their REMIC status.

If you proceed, understand you will most likely GET LESS for your property with a tenant as opposed to vacant.Why?

More insurance will cancel short term rentals.

We bring/offer the mortgage loan investment to the group & handle all the servicing, including chasing the monthly payment/insurance/taxes, foreclosure, etc.