Over  a hold period as the asset gets older the operating costs usually start going up more.A seller owning a brand new built asset years 1 to 10 and claiming XX costs might be true but you owning for the next years 11 to 20 etc. the cost profile of the property will be way different as many items will reach the end of their life expectancy and need replacement or multiple repairs to keep functioning optimally.Even on larger multifamily 50% is common for total expenses and if landlord pays utility it can even be more like 60% operating costs.

If partnership, I'd probably still do it myself but have an attorney review it and make any needed changes. 

The first one was formed in Wyoming between two oil companies doing a joint venture/partnership. 

Build some rapport during the call as well...it's a partnership and they have the most money at risk.This will help narrow down which lenders may be the best fit for you and for the project.  

Have you considered a partnership?

I have come across the idea of offering free labor/partnership in exchange for mentoring, but to my understanding the frequency this occurs at is few and far between.)Best Wishes!

I actually have an LLP, which is a Limited Liability Partnership.

I’m part of a real-estate investment partnership and that is going great, so I want to invest more in real esate.

We're not concerned about liability, the main reason I've used LLCs in the past for other rentals, so we plan on keeping this one as simple as possible.My mother's accountant told her to consider a partnership.

I would love to connect with local realtors/property managers that could function as my boots on the ground.