Hey Lance, it appears you are correct however partnerships would then have to withhold under partnership holding requirements on ECTI correct?

@Matthew Paul my first broker required all new agents to be in the office cold calling FSBO, expired listings, and preferred farm area for several hours x times a week.

Recently, my property manager informed me that a tenant's attorney contacted them, expressing the tenant's desire to terminate the lease due to a mold smell in one of the rooms.

But @Katie Smith has a great point because after the Miami apartments fell in on themselves, lenders are much tougher on condos and a lot more makes them unwarrantable which will negate an FHA and require a DSCR loan.

DSCR options would be best as local banks require higher FICOs most of the time but each bank has different UW guidelines.

These are the affordable rentals D- In my opinion, D houses require rehab just to be livable.

Dee - As a newer investor, some of the options using "Agency Debt" (aka Fannie and Freddie financing) may not be available to you as they require 2+ years experience in multifamily space.

Required distros for tax consequence.At the same time I kinda snicker a bit since the buyer... the investor... thinks they found the next Apple or Tesla investment (and they are clearly the smartest in the room), and then go off the rails when it all goes south, I can't help but shake my head and have a small giggle.A fool and their money soon go separate ways, Yes, but don't you wonder how they got together in the first place?

But you may not enjoy book keeping or think your time is more valuable spent elsewhere, hence the desire to outsource services to low cost service providers in India. 

There may also be a requirement to give 30, 60, or 90 day notice before the relationship can be canceled.So your friend may want to consider canceling right before or during a slow period so that they don't have too many existing bookings "owned" by the agent.