If you are familiar with a certain US market, consider keeping an eye on land or make offers on land not for sale in  a growing or popular area. 

Acquiring property management companies these days is a challenge and you will find out that even if you have a large check book, you are essentially buying someone's identity and future (in their eyes). 

No, just 25 yrs of experience being involved in literally thousands of deals and watching realtors do things the wrong way or take shortcuts, loosing deal after deal for my borrowers is what has taught me what works best.Unfortunately, down here in FL, everybody and their mother has had or has a real estate lic. and too many think or lead their clients to think they know a lot more than they really do. 

I recommend talking to a ranger about their maintenance as it may be more involved than you think.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

@Cody EvansI would say your next play depends on how involved you want to be and what your strategy is.

I was really just hoping for some solid eye opening agreements to why he wants it all legal and written down.

., Arms length to avoid a step transaction would involve retail sales which would cause a recognition of gain anyway. 

Completing this form is very tricky, and I highly recommend you leave it to a tax professional who has done it before.Yes, there is some audit risk involved, but not much more than your usual risk of simply being in business.

Maybe asking about the time involved and legal fees so far can help set the frame of my offers.