They still own their share of the property or its holding company.Usually refinance proceeds are treated as return of capital  (sponsors get nothing until all capital is returned to investors) or as profit distribution in which case sponsors receive their share that is spelt out in the OM.

If this couple is working to rebuild their business and rebuild their credit, they are likely to treat their tenancy with you with respect and are likely to adhere to the terms of the rental agreement.

If you partner with a contractor treat them like any other third partyThey have a contract and do the work for a price.

The challenge was making the jump to buy a property we've never seen before which we realized was more of an emotional based reaction, instead we treated it as a business transaction.

Treat him like an employee and have him document the hours.

You cannot treat your 2 family on Joy and Dexter the same as your 2 family in Royal Oak. 

This way in a month or less you can see if you like having tenants - people who will treat your property not like you do, and break stuff, but also pay you money that imo makes up for all of it.

Plus, you hold out for people who would treat your property with a little more respect.

I've been fortunate to use my camera for this, but everyone has a talent or resource they can use to a similar or greater use, and when you figure it out I suggest you treat it as abundance to share. 

The usual deal between syndicators and passive investors is that the current income generated from rents, etc. is treated differently, or at least separate from the return of capital at a sale or refinance.So, it is actually expected that as syndicator/asset manager you would receive an asset management fee.