Best way is to drive some areas, meet agents and property managers LOCAL to the area and ask them to outline neighborhoods to consider and where to avoid.

@Obdia WhitmoreHi ObdiaA business plan outlines your goals, strategies and mission for investing.  

In preparation for the presentation, I outlined the following information for his benefit: Pro Formas, Profit and Loss of previous unit, Itemized List of Amenities needed, & Location Details.

Establish connections with real estate brokers that focus on investment properties.Funding: Explore various funding options, such as partnerships, hard money lenders, private lenders, and conventional mortgages.Make use of your experience in building to precisely estimate repair costs and provide prospective lenders with well-prepared project proposals.Look into any grants or incentives that may be available to real estate investors on a local and federal level.Create a concise business strategy that outlines your objectives, both short- and long-term, target properties, and investment tactics.Remember, each real estate market is unique, so adapt your strategies based on your local conditions.

I can send you over an email that can outline our project and what we can provide. 

@Octavio N Morales- thanks - you might want to  provide a  brief outline of your  scenario so any responders  can  give accurate feedback ? 

Quote from @Nicholas Ferraro: It almost doesn't matter which brokerage (for the reasons you outlined), but it does matter the actual people you will be working with.

Yes let’s connect and I’ll send you an outline for an operating agreement.

Do an inspection, but only return the portion that remains after you have the money from the new tenant and get all three parties to sign a document outlining that the roommate who is leaving has received his half of the deposit minus $X for (list repairs) and you received half of the deposit from the new tenant.Honestly the easiest would be for them all to move out and you find new tenants.

What you outlined seemed like a fair split.