I’m not terribly interested in just being an LP in a deal.  

Until pay back the sponsor paid out an 8% pref and succeeded in paying back everyone’s principal through a cash-out refi.After this would the equity split between LP’s and the sponsor change to 50/50 due to a carried interest agreement?

Assuming a scale for A being Best and D being the worst neighborhoodsBuy cash flow properties in ideally B, B- To C+, C areas with good economics jobs etc.So if someone says they need $ 8000 in cash flow per monthWe would build the model as follows.

Use Biggerpockets resources, read and don't invest until you visit the market you want to invest.I started out looking into turnkey model and visited several areas including Memphis before decided to go on my own route in NWI market.If you decide to enter in NWI market in future, I will be glad to help.

You've got some time but you may want to think about a model that is buy, fix, rent, then evaluate after a year or so to see if you want to continue holding it as a rental.  

Yep, the refi till you die business model never ends.  

For sales comps the biggest advantage of public records is that they will include non-MLS transactions.Everyone should keep in mind that value estimates like ours or the Zillow Zestimate (known in the industry as automated valuation models, or AVM's) are based on public records data and therefore don't take into account things like curb appeal, view, home condition, landscaping, etc.

@Nick Britton I know he said that the entire job would be about 2800 for a higher end model. 

In the end, you need to perform your own risk assessment and decide what is going to work for your model. 

I wonder if that is what will happen with this FAF CA model and that model in theory would have way more ongoing profits than just holding gold.