It's when you have issues, when things backfire, you have a loss and your "investor" cries about it to his attorney, or one goes bankrupt, or you can't cover a payment or a partner dies or becomes incapacitated, these issues arise and that's when the stuff hits the fan.

With the market in an upswing the value really seems to lie in overlooked properties and off market opportunities where value add can dramatically affect the property value and cash flow.With that being said, I think that @josuevelney made a great point that sometimes the best investment is simply your education so you can be ready when future opportunities arise.

The more managers you have, the more disputes may arise and less gets done. 

The issue arises when the property is rented for much less than the market rent

Lock in some better rates, and now have a little access to HELOC if the opportunity arises.

In a rising market, I say no.

Also, in an efficient market there will arise a solution for the problem you describe, and there is!

Thus making it more difficult for them to try to recover a=nythign from the landlord if the situation ever arises. 

As a rule a riser and tread formula works like this.

I would be looking for a minimum of 20% net profit per deal.But then I have a theory, if its a rising market why flip?