But great point, go precisely after the type of biz interests you want.  

Larger, nicer homes can do well as insurance placements for significantly higher rent than you'll get from a travel nurse or digital nomad.

Get them to waive the placement fee or get a new PM.

In your calculation above you had vacancy and maintenance but you left out, taxes, insurance, management, tenant placement, legal costs accounting costs, holding costs while vacant, turnover costs, reserves for capital expenses. licenses and registrations etc.., etc.

If you don't do the proper paperwork, including any precise language that is required, your eviction will be thrown out of court and you will get to start over.

I'm in Michigan, Lansing to be precise.

I'm obviously new due to the lack of precise verbiage 😜 Anyhoo, I just wanted to reach out and say hello and any advice on starting a team, flips, & rentals is appreciated!

He's a typical developer (control freak), but very successful and smart as a whip.My question is this: is it the norm to raise capital by way of a fund and a private placement memo (to fund various projects generally), or should I be looking for individual investors for project-based investments? 

This is done to prevent this precise situation -- buyers should always be aware of the language in the FM REPA and that it is completely non-negotiable. 

That way it is impartial and in the hand of a third party so there is no resentment or claims of not doing the best for the property in terms of tenant placement etc. 6.