Note investing is excessively cash intensive - to the point where the only way to grow is to use OPM.

He told me that it is time intensive and it would probably be at least $400.

This topic sure gets covered a lot, so finding other similar threads should be no problem.The cheap, labor-intensive way is to track from point of death and reverse engineer and research property ownership, relatives and skip trace heirs.

With 25% down it's about 10% cash on cash going in before principal pay down and tax depreciation.If you want more yield you might have to do new development, take something half full and turn it around, or buy into a more intensive type asset where you have to work more for yield.The lenders I mentioned above only work with certain borrowers and certain types of properties.

Smaller capital intensive deals that have been leased under market or have been mismanaged, have physical issues, etc.When my capital is in play too my thoughts are to take a promote of 30% and whatever my share of the capital contribution is at the time.

Martin  lots of competition with private or HML in CA has really driven down the cost of capital. lenders have to deploy to make money.in my day in Oakland we were 5 and 15 all day long LOL.. but my day was before most of the younger investors on BP were born.When I look at the Bay area and my life there and being in RE there for all intense an purposes all my business life  started at 18... the biggest meltdown was not the GFC Now I am talking the immediate bay area not Solano or San Joaquin or Sac counties... or Vallejo Suisun area. those got crushed in the GFC just as bad as FLA NV AZThe biggest meltdown came in 1989 to 1992... prices on high end homes in SF and the Peninsula fell by 40 to 50%...

Hire a PM, but do even more intensive work than with a LTR PM.My choice would be go to a market that is not dominated by hotels, has no STR regulations currently, and find a house that's capable to being rented as an LTR but turn it into an exceptional STR that's in a good location.

If you are very intense about it you will not have to delay your dreams for long.

Some people do the capital call structure, others don't.I would definitely look at his fees, for deals of his size and considering they are low management intensity, a 1% acq fee and 1% asset management fee on Net revenue would be close to what I would expect.Considering these are Class A a 6% pref seems fair, a 65-35 split over that seems a bit high, but nothing too aggregious (saw it mentioned earlier not sure if true).As far as if he keeps money in, I would expect he will, 5-10% of total equity is normal and fair considering the size of the fund.As far as the length of the investment, usually funds will have a pre-determined expected length (seems like 10 years), but will have clauses to extend that if the manager (Cardone) deems it necessary for a "wind down" period I believe its called, again nothing uncommon about that.At the end of the day being a passive investor is giving someone else control.

The upkeep and repair is rather intensive and needs a good property mangement team in order to be profitable.