I am partnering with someone and wanting to know what is a fair way to handle the split of profits.

Once you assign the contract to them they will handle from there and get it done if it’s a good deal.

I keep about 10 months worth of rent available at all times for my homes... and trust me, the $1,000-$2,000 of annual cash flow is likely not going to build fast enough to handle your first vacancy.

They also paid the rent up until the day of removal and then left me the deposit to handle cleaning. 

I might just be out of luck.That said, is it possible to have each house owned by an LLC, and to have a -SINGLE- management company that handles all of the financials for each LCC?

With good PMs (Knock on Wood) there really isn't much that needs to be done by me other than Federal and State tax reporting, and I can handle that fairly easily (was once a CPA in  a couple of larger tax practices).

Do you have an Attorney handling this for you if so contact them today? 

If you take the time to do proper due diligence, you should have a pretty good handle on what your experience will be like before you invest.All the best,Jack

Big problems in houses can actually translate to big potential for the more experienced, but don't be afraid to take an "OK" deal that you know you can handle, build the confidence, and take on a bigger project on #2.

Newbie here too, I dove headfirst into my first multifamily in Rock Hill SC at the start of this year (8 units) it's definitely been a learning experience but it can sometimes take up so much time I'm leaning toward sacrificing some profit to get a property management co to handle it :)