However, it's fair to question the integrity of the management since it's in-house.

Need some advice on the best way to structure this deal that's fair and beneficial for a 3 person LLC/partnership agreement. 

I included stats on percent unleveraged purchases and that many of those fairly low percent cash purchases in fact use unseen leverage HML, private lending, etc and some are short term cash holds such as a flip or a brrrr that gets financed not long after purchase.  

It's not fair for his future landlords not to know about this terrible tenant.

Play with your numbers and see what a deal that works for you looks like. 

Hey James: These are note from an attorney that we use to evictions hope they help you.If you need exact notices may be I can paste them on here so they will help everyone is IL that needs to do an eviction.Eviction in Illinois Are Done By The Following Rules:There are some exception like the city of Chicago, Evanston & Cook County but the rest of the State Of IL is fairly straight forward.

Fairly New Real Estate investor with a 3 home portfolio.  

I’ve seen situations like this before, and keeping control of the contracts has always been the better play.

The coverage limits are as follows:$200k -> Dwelling Premises Liability -> $300,000 per occurrence Medical Payments $500 per person / $25,000 per occurrence Additional Living Costs And Fair Rental Value -> $19,000 Loss Assessment Coverage -> $1,000 Ordinance or Law -> $20,000 or 10% Water Damage Limitation -> 10% ($20,000) Deductibles All Other Perils -> $2,500 Limited Theft Coverage -> $2,500 Water Damage Deductible -> $5,000

And right now the bigger cabins are not a good cash flow play but might be a great equity play when you look back in two to three years.