Prior to the expiration or termination of the Lease, Franchisor shall have the right to enter Premises to make any reasonable modifications or any reasonable alterations necessary to protect Franchisor interest in the Franchisor business and the Proprietary Marks and System (as such terms are defined in the Franchise Agreement), or to cure any default under the Franchise Agreement or any development agreement entered into by Franchisor and the Tenant or under the Lease, and Landlord and Tenant agree that Franchisor shall not be liable for trespass or any other crimes or tort. 

You can structure the operating agreement to include your LLC as a member and define ownership percentage or you can do a JV agreement between your LLC and your brothers LLC with no membership or your brother can set up a new LLC to be a member of the property LLC along with your LLC. 

This broad emphasis on   

Likewise, those that value their time and protect it, like the person that told you they feel taken advantage of, are statistically more likely to be better "experts" than the desperate ones.Just to put it out there, here's how we handle situations like this:We discuss what a potential client is looking for in a rental purchase, help them to define criteria if need be, etc.We make it clear that we will only evaluate a limited number of potential purchase they send us for freeWe also make it clear, that once that limit is reached and we've demonstrated our expertise, they will need to pay us a $500 nonrefundale retainer fee, that will be applied to any transaction they do with us within 90 days.Now, we've protected our time and if someone won't pay the $500, how serious are they really?

@Kajohn Chen Make sure that the cutover responsibilities and ownership of activities are clearly defined for the property manager rolling off and the property rolling on. 

I define full cycle as having high expense items being replaced a 2nd time.   5 years is not enough to even have short lifetime items like a water heater being replaced a 2nd time.  

I love combing through data and I have defined the different attributes I want to see for cities. 

Net Proceeds is about 350K (minus included 40K CAPEX over 2 years).I learned a couple of things that I hope will help other investors looking at their first class C apartment:1) Class C is a broad asset class, if you do take a “slum” and decide to add “sweat equity”, make sure you do hire an onsite property manager who has access to “value” sub-contractors2) Swamp coolers are the most common things to break and get replaced.

but this has really helped me in defining much clearer my minimum requirements for each applicant (sidenote, both reasons for denying the applicant that spurred me to start this thread were listed in the article)

A bargain by definition is an outlier and it wont conform to any broad trend analysis.