Here’s a strategy:Define Roles and Responsibilities: Agree on who handles what (e.g., funding, management, deal sourcing) based on strengths.Bylaws to Include: Cover profit/loss splits, decision-making processes, buyout clauses, and what happens if the partnership ends.

They partnered with an experienced realtor who handled most of the contractor coordination while they focused on financing and design decisions..

It's just very simple, clear, long established and industry accepted, and has significant knowns for how any enforcement or default type actions are handled. 

If you live there you probably have a good handle on the subtle market dynamics.One significant risk of buying any property out of state is that you have a lot less knowledge and first hand experience with all the nuances of that specific market.

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?

Oh bud, I think it would do that we’re gonna need lender’s consent as well and that’s what I’m trying to prevent, but maybe they do it under them handle that part and then after the fact transfer it. 

If so, how did you handle it?

Another way, you could connect with a host via Airbnb/ VRBO Facebook groups in the area you're searching and ask them what they do and how they handle it.

A tenant complaining online might indicate that the property manager handled them appropriately, so be sure to ask the manager for their side of the story.7.

Apparently a lot of times the owners have more games than their floor can handle and/or have underperforming games that they can sell you.