You still need to learn what is it about, how they operate, and  then chose the operators, and the deals.

On mom & pop operations, distance is key IMO.

Firstly, I know I’m allowed to be a majority partner in a brokerage as long as I don’t engage in daily or company operations.

Property X:Cost of Leverage - $380All associated Real Estate costs to maintain a valid investment - X (we'll say $600 because BPers say half of rent will be operating costs)Cash Flow - $220Rent needs to be at $1220 (also the market needs to allow for this to be the going rate)If all these things are in place then its a definite property for the portfolio.  

You have to accept a much lower ADR and operating expenses are higher (heat) though.

The "70% Rule" suggests that you shouldn't be paying any more than $155k (less closing and operational costs).

I don’t believe the digital wall mounted controller is operated by batteries.

LLC interest if thats what your doing can have uneven distributions.. thats why we use themso you can own 81% of the LLC and spread the ownership to the others as you see fit.in your operating agreement you spell out how proceeds profits and loss are to be allocated. 

He had recently purchased the company and it appeared that this was his first time running operations (should have asked more questions here).

Purchased from the developer with plans to capitalize on significant operational efficiencies due to owning the property next door.