Also, define how you'll share the acquisition costs, such as the down payment, renovation, and closing costs.Payment Responsibilities: Explain how to divide and pay for regular costs like mortgage, property taxes, insurance, homeowners association fees (if applicable), and upkeep expenses.Management and Maintenance: Agree on how property maintenance, repairs, and improvements will be handled, including decision-making processes, funding for these activities, and responsibilities for performing or managing the work.Single Decision Point: For example, I've seen situations where one person agreed to replace an appliance while another strongly opposed it.

Im a realtor and also have helped manage Airbnb's since 2018 up here in Northern California.

. #1 seems relatively normal

Relatively minor interior renovations.

It seems like even the newer units are renting 2 bed for 1100 - max 1200- Do you manage properties locally or from a far? 

If I need to report, but all related fields are 0.

My best advice would be to calculate how much you would need to spend on food and determine how that number relates to the amount of rent you are paying.

@Jon Delarosaare you going to self manage or hire a PM? 

There are relatively new conventional loan programs that  allow as little as 5% down payment  on the purchase of an owner occupied  1-4 unit property so hopefully this helps conserve  your capital 

I've heard many horror stories from limited partners about the general manager they partnered with to do a deal and I noticed some commonalities in each story: - Not following through with business plans- Lack of communication - Lack of accountability I know LPs look for experience above all, but are there any other criteria that you look for in a GM that helps when getting into a syndication deal them?