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.

If you're finding the deal and doing the full operations, work on doing it with none of your own cash in the deal and a 50/50 split.

The rate we charged along with origination charges had no bearing on my commission so I was always offering our best rate possible.The second company I worked for is a smaller family owned company that operated rather differently.  

Check out NOLO.I do recommend holding the funds in a bank account separate from operating funds.

In general, you will not find many instances in the code where a second egress door is required (occupancy load of 10 or more per unit).Where you live, you may have local requirements that your city/county require an additional egress door, but it is not something that is in the national codes.

A realtor costs you nothing and saves a load of personal time.

Asking Price: $125,000Gross Scheduled Income: $15,900/yearLess 5% Vacancy: $795 Operating Income: $15,105Less Operating Expenses: $7,630Insurance (1% of purchase price): $1,250Property Taxes: $815Management Fees (10% of scheduled income): $1,590Repairs and Maintenance (5%): $795CapEx (10%): $1,590Misc. (10%): $1,590Net Operating Income: $7,475Less Debt Service: $681/month, $8,172/year (assuming a 5% down payment on a 4.5% mortgage, with .8% PMI)Cash Flow: -$58/month, -$697/year

All the rules and responsibilities should be very explicitly listed in the operating agreement.