Then split bottom line 50/50 with the partner (individual) after all other expenses are paid.

How much time / cash / other are each individual expected to contribute?

I prefer individualized service myself.  

I call the process "thinning the herd", and each year I evaluate the property performance and either take actions to increase the individual property performance or sell the under performer. 

go to all the networking events you can. get around like minded individuals. read read read. always take in good information. then take action. best lessons are from action.

I look at every deal individually.

Choose non-judicial foreclose states with pro-business laws like Texas and Georgia.I have several high worth individuals who fund rental RE in GA earning 7-8% APY on 5 to 10 year terms.

@Eamon Conheady - was the other lender a company or a private individual? 

BUT, then you want those landlords to judge every single tenant individually and not lump them all together with the ones that lie, cheat, steal, and destroy the property on purpose?

If a cash out refinance, many lenders will allow the cash out to satisfy the reserves requirement.DSCR lenders generally let you vest either individually or as an LLC.