My question is, Operating agreement is based out of the real estate strategy or standard for all types of strategies.

These vehicles aren't going to tie your assets to a single family property.In no way do I think TKs are a bad thing, I think they are great options for some people and a win-win for investors and TK operators.

Background: A company was operating in Santa Monica from 2016 thru August 2018, then they are moving to LA by end of this month. 

Operating accountproperty taxes and cap ex are paid out of this account also.2.

See if lease has personal guarantee.Individual corporate guarantee from a smaller operator can be weakest because they can BK that one location and walk away from it while running other stores.

I see storage as a small business and I  loved mine.. but I see it as more of an operational type business simply because you have more turn over and such compared to parks.. you get the right parks and you have ZERO turn over.. now low end rat trap parks are tougher of course I am talking about what I call investment grade parks.. and they trade at low cap rates but if you can move rents over time.. they are solid. 

You can expect 40-50% of rent to go towards tax, insurance, operating and cap ex.

The other side of that equation is that there are a few quality companies operating in what appear to be subpar long-term investment cities. 

@Rudy Estrada I am by no means an expert,  i think that there is no need to record it if both of you are on the deed, when filing taxes and taking the deductions then you can tag along your operating agreement stating the percent of ownership.

Commercial and off market transactions operate differently and are generally subject to what is negotiated and agreed upon in a contract.