We signed an operating agreement putting everything in writing.  

The confusion comes when new dealers/operators think the need an identity to deal in real estate, "I'm a wholesaler, I'm a buy and hold investor, I'm a rehab guy"...... what difference does it make to Harry Homeowner who or what you call yourself?"

Ive owned and operated leasing companies for over 10 years now.  

I think you've handled it well but I wouldn't do anything more than communicate "it's fixed" and give them some tips on how to  operate it properly.

Cant stand the company.To @John Matthews  If you are comfortable doing your own accounting I highly endorse Buildium - IMO for us smaller operators, its a great option, affordable and gives you all the features you need in a one stop shop plus GREAT and friendly support.  

, avoid heavy leverage (this removes an exit strategy if the market goes down) OR do not plan to sell (long enough to wait out a dip), ensure your rent rates are good enough that if they dip you can still cover your payments / expenses, get great managers or manage well to ensure solid tenants, and have enough money in reserve to operate in a bad scenario.There are a million ways to do everything in real estate.

Making sure breaker hasn't tripped is question one for me when something isn't operating.  

lolThere is a lot of room to increase income and decrease expenses, but I only buy based off current operations, and I made that very clear to the seller.

They said that it was OK to do future funding, as long as we would update the operating agreement to change the ownership ratio between the 2 IRA accounts if the 2 contributions were not in the same ratio as the original funding and ownership.

It is ok if things look dated, but make sure everything is safe, clean and operational.