If anyone has worked with some PM companies that operate in Houston, some feedback/advice would be much appreciated.

Make sure that you each have umbrella insurance of at least $2mm.Recognize up front that partnerships often result in frustration and remorse due to inequities in work performed (that is not property recognized in the operating agreement), differences in opinion on how to grow the business (take distributions versus plow all profits back in), etc.

The first thing to do is to study the basic and general aspects of RE, don't try to jump into some niche area trying to learn how to operate without knowing the basic aspects of RE.

I operate my businesses in a professional way, documenting, and setting standards and rules.Some of you may have missed that I have only heard of this happening twice.

I think you operations and maintenance budget is too low.

You would need to have your attorney draft an operating agreement that would spell out who is responsible for what and if X happens, then Y is done and so forth.

After X months, the property is stablized (repaired, rented, operational) and rented for $1200/month.

You can click "send PM" on the left hand side of their post, underneath their picture.

Gas is much cheaper to operate.

Money paid to set up a good structure that will meet your business needs for years to come is a very good investment.New as well as the savvy investor needs to consider having a good attorney that you can have a relationship with in your area of operations.