Hello BP Community,Please take a look at this property to see if I’m on the right track.

@Ryan Bergevin, It seems like you are on the right track. 

Another question I want to ask: Do you filter the great lenders from the others by looking at their references and asking for their "track record" or previous business dealings, etc?

It must also be the majority of your work time (so if you have a 9-5, you won't qualify) and it must also provide the majority of your income.The advice I got from my CPA when I asking about QBI was to just keep track of your hours in a calendar.

As an LP, how should I compare the track record of a sponsor that began with experience in the market prior to the Great Recession and weathered the storm vs a sponsor that spawned post 2012? 

I am going to comment in here mostly to track replies from people with more experience....however, I think it's important to remember that there is a wide range of situations that can lead to the missed payments causing a home to show up as "pre-foreclosure" and different approaches would be appropriate for each. 

We should instead work together to build a solution that ensures the moral support needed to get to a better place in life.I think the way the whole organization is structured will also provide another sense of accountability towards each other.Create a “Flip to Own” plan that lets future tenants be more involved with the initial renovation between occupants.Create a transparent “Monthly Operation Payment” that includes:An investment buy in (market value amortized over 30 years @ current market rate + .3%).Taxes & insurance (will also need renters insurance).Utilities (goal is to have a history of avgs, but will be paid as billed).Any cost associated with labor support for “Property Stewardship Guide” (basic cleaning and lawn care).Repairs and Maintenance budget (.1% market value, any expense related to maintaining current market value/ rent ready condition).Capital Expenditures- Major repair budget (.1% market value, any expense related to increasing market value and capital expenditures).Good neighbor assistance dues (.1% market value, covers accounting costs and assistance access).Create an app that makes monthly property management an easy habit.Pull information from Property Stewardship GuideIt keeps track of all the costs that determine the monthly payment, including utilities.It has a checklist of that months maintenance tasks, based on the standards of the GNA, that ensures the most effective life of the property.Have a portal to submit rent payments, using paypal or similar services.Build in an option to apply employee wages from the GNA as rent payments.Have a profile page with all the important dates and documents.Leverage these managing residents to build a coalition of labor support for the rest of the properties under the GNA umbrella.If they are all employees of the GNA non profit, then we can distribute benefits including healthcare, retirement savings, etc.Create a rolling pay scale:Offer work in exchange for equity ownership in other projects.When the current managing resident is ready to move, they can either cash out remaining repair budgets and equity, or leave their equity in and share the profits with GNA equal to their equity share.The managing resident will partner in the process of getting the house back to full market standards.Use the stockpiled repair budgets to fix their respective categories.Use built up equity if repair budgets don’t cover that cost.The remaining repair budgets will be applied as a direct principal payment.If the managing resident wants to cash out, then the GNA will buy back the property at the current market price.Both parties will pay their traditional closing costs if applicable.If the managing resident wants to remain an equity partner, then the title is changed to reflect that business relationship, and the managing resident receives monthly payments equal to their share of rental profits or interest payments of the next resident.Previous managing residents must create and manage their own LLC.If the previous resident has more than 50% ownership in the property, then they are in charge of managing the property.The monthly payment for the previous residents equity will be equal to their percentage of ownership times either the interest earned from the next resident’s purchase, or from the profits if it is run as a traditional rental.

How can I get started in medium multi-family without a track record?

If you are planning on holding it for a long time and aren't dealing with any outside investors, the cash on cash return is the main metric to track.

I chose crowdfunding because it gives more control and transparency and may be easier to track how the individual properties are performing.