Preferred return and GP/LP splits (along with any additional hurdles based on performance)7.

I think getting multi-family and turning into a STR could be a great business model and is something I’m looking into currently, but it carries more risk for sure.

LP gets a 8-10% preferred return and the net-of-fee returns are split 50/50 after the fact.2) A simple assignment agreement on a per-deal basis, where the operator provides the loan and then assigns it to the end investor, whereby the operator earns a brokering or servicing fee (the end investor earns the interest rate on the note minus a certain percentage fee, and the operator earns the rest).I'm trying to weight he pros and cons of both, keeping in mind that I value flexibility, discretion in which deals I choose as an operator, and making it super easy for the borrower.

I mostly stick with buy and hold which is a much easier (and lucrative) business.If you really want/need to stick with the flipping model, make sure your skills are up to par to tackle things that a casual flipper can't handle.

FYI: we went through the Anderson law recruitment pitch, and would have loved to go with them and their business formation model, including the use of the holding company, etc.... 

Not a model of safety, so I don't recommend it. 

Didn't think about turnover costs from the PM, will add that to my model.

Don't get me wrong I would love to have 10 houses like you have, but I could never have built a viable business model on it.

I was very available for them to show the unit and made sure it presented like a model home. 

Do your deals tend to perform better as you get more experience, even as an LP?