Also  I know we should get an operating agreement but the question is when?

Pictures are good but some things dont photograph well.Lastly, leave a binder with all your owners manuals, label things that are difficult to operate with pictures if you need to.

I call BS on their entire operation AND yes I have considerable and extensive experience at the fund level and SEC compliance, I have been retained by several funds in a managing capacity.

I currently operate out of Phoenix & Vegas.

I also ask myself the same question when deciding how much of a mortgage down payment to make in order to reduce the monthly operating expenses.

I am now working with a lawyer to prepare the operating agreement and offering documents.

Using the standard vacancy rate of 8% of rent gives you $106/month and a standard property management rate of 10% of rent gives you 132.50/month.Adding these normal operating business costs give you $66.25 + 106 + 132.50 = $304.75Your total all in expense at $1,308.20/month.

I am a GC and a PM operating out of Syracuse which is about 2hours north of Walton.

That seems to be a big road block for my  operations?

@Nicholas Lohr, how we handled this in 'simplified language' in our LLC Operating Agreement is this, using rounded number for simplicity - 1) We bought our rentals based on a price of "100 times monthly rent", meaning a duplex bringing in $1500 a month cost us 150K. 2) That is also the price we agreed to value them at if/when someone wants to sell their share.