It would be easy to place the second property in a LLC by quick claim deeding the property to the LLC prior to refinancing for our third property but the first would require a little more legal finesse.

I will check on the APN for the third property. 

Also there is a seasonality involved with March and April typically being our highest performers due to the events happening during that time.

I am a huge advocate for investors utilizing third party agencies or services. 

If there's a hole, it may be a red flag.b) sensitivity analysis: I examine all the assumptions, and make sure I can live with the worst case scenarios.c) "Stall and see": if they are getting money over multiple years, and there is no penalty for investing later, I would usually wait so I get some real performance data, versus having to look at theoretical pro forma information.d) Recession stress test: I will not invest in anything, until I subject it to recession level stress and see if I can live with the result.

A staged lease-reading followed by a Q and A is much more the kind of training and performance exercise you need in the landlord-tenant relationship.Of course, once you get up past a certain number of tenants, holding these kinds of formal lease-signings is going to get very hard to handle and/or you're going to get sick and tired of showing up.

Third, the Minneapolis area has high wages, low vacancy, and higher-than-average appreciation.

What is normally done, is it typical that they get paid regardless of their performance, or lack of performance?

That way, you can sell the re-performer for more.

In exchange, the turneky company is the one that benefits from the spread between what they put into the prop and the market price they sell to you at (should be market price, a reputable company won't inflate their values and third-party appraisals should back up their prices).