A two person partnership at 50-50% each has been often described as legal malpractice.Consider having persons assume the roles they will actually perform and document that role:The guy who finds the deal is the owner.

By doing so, this unlocks the door for having a cost segregation study performed on your property.

I highly question the underwriting performed.  

As a general legal theory, when the parties act in reliance on a written agreement and perform on its terms, the agreement is enforceable, even if it is very badly worded.

So you still want 10% for performing the same work?

Hey Stephanie - If you’re open to STRs, they tend to perform well in Orange County.

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – so, they often select the first PMC they call or that calls them back!

There is a relationship team sourcing deals, then due diligence teams to perform DD, and ultimately investment committee meetings and sign off.  

.- I have not done a brrrr since the rates increased in early 2022 because in my market they bleed cash after I perform a refi to extract some of the value add

They're paid by the job and if their performance ever decreases (which can happen - they're great for a time and eventually for whatever reason their quality, timeliness, etc declines) then it's easier to phase them out & replace them with a different crew.