I’m in the earlier stages of my journey as well, but would be happy to help with what I can.

It would just be to set the stage for the next purchase. 

So far i'm going through similar stages that you went through.

A complex manager will expect you to: research and present the best contracts for lawn care, snow removal, trash, handle fire department inspections, mortgage inspections, arrange for yearly maintenance of all fire systems, serve as direct liaison between local municipality and complex; and prepare an operating budget. 

Also if you enter into a new partnership, it is probably better to create a new entity dedicated for the arrangement that you have with your partner.

I'm in the beginning stages of setting up a very similar structure. 

@Jay HinrichsThink you're still pretty active on the forums -- this post is coming up on 3 yrs old but have similar aspirations myself - have not completed ground up development but have a good idea on all the steps it takes locally.Jay have you analyzed a deal where you'd put multiple buildings up and just build the apartments in stages --- say one 16 unit building - lease it out - then complete a 2nd etc?

Crafting an arrangement that positions your rentals to generate the most VALUE - which should help you generate the most NOI is the name of the game.So, if managing the utilities is something you want on your plate, then write an all-inclusive lease.If you don't wish to be bothered, then make Tenants jointly responsible for utilities, etc.Best to you.

Im still in the early stages but as I find what I think are deals ill post them up and see what everyone thinks.

With Private Money you can arrange that in advance.