Hi @Josh Little , I own and operate a property management company in the Portland metro area and 2 to 4 unit plexes happen to make up most of our accounts.

See http://realdata.com/blog/understanding-net-operating-income-noi/

And they claim to "operate in a variety of markets throughout the US".

If you are going to move from residential (1-4 units) to larger multifamily buildings you will need to look at things like a business: it's all about the operating margins and cash-flow.

Care to share with me which turnkey operator your investor was working with?

I am a real estate investor operating in and around Baltimore, Maryland.

The Operating Agreement for the LLC will spell out other agreements with members (you and your wife), and it sounds like 50/50 for capital, profits, and losses.

If you paid 100K for the property and expended 25K in initial capital improvements, then use 125K as your cost.Going forward, you would put together your operating forecast/budget to include all the typical expenses: utilities, property tax, groundskeeping, admin, marketing, etc along with your allowances for vacancy (8-10%), maintenance (10%), and property management (7-10%).

The build rate of Senior/single story 'patio housing' here is exponential given the weather, taxes & build/operating costs.

Where are you operating as an agent?