I’ve renovated the house from top to bottom, removing walls relocating bathrooms etc. and last year I sold off the extra lot which was now on a new road and 1031 exchanged it for a fixer-upper in Nashville Tennessee, repaired it and that is now rented out.  

There are certain benefits of starting an LLC (legal protection of your assets, with a proper structure - some tax savings, etc.), but there are also costs and time required, so I would advice to start as a partnership, and form an LLC if you decide to keep doing it on a regular basis.

Water line is coming from 1st floor to 2nd Bathroom. 1st Floor water lines are in inside just 3/4 on 2nd floor are in the exterior wall.

All in cost/PP/cost to Rehab/ARV/rent to price ratio after refi, etc.How is the deal structured (how do you make your profit)?

I would much rather have them put a bonus structure in place where I would pay them less in property management fees (say 7% to 8%) and then give a bonus on top of that if they collect my rents on time.

@Cameron Knight When you put your property into an LLC, you would be looking at commercial lending structures.

In your case, you could structure your offering by allowing people to get on conference calls and the like.

This is just an odd concept to someone from the West Coast as generally land is included with the structures on top of it (certain exceptions for mining rights etc)

Its the same number end of day, just different structures.

My father is looking into doing this in a cabin they recently purchased but was asking me about the quality/validity of using this company rather than purchasing new to update the bathroom.