It's a percentage of the market value. 

A mutual acquaintance has syndicated several deals previously and would be interested to make this happen but from the sounds of it wants me to invest as if it was a normal passive investment through a fund (something I am already doing), making a certain percentage every quarter etc.

They lend based on the asset and they typically have a hard stop at a certain percentage of ARV, 70% for the beginner and 75% for someone with experience.I will try not to tell anyone what to do so attend this event if you want to. 

Would my percentages change because I'll be living in 1 unit?

These are costs beyond the monthly percentage of gross rents. 

It is not uncommon here to see condos that require carpet, or a certain percentage of the floors to be covered with area rugs.  

What percentage of your total assets should go towards a down payment for deal #1?

I am thinking to open a third LLC which I would own 100% of and have my percentage of the income from the other two flow this one.

But that's a small percentage of people entering the trades. 

I have vetted several managers and am going with one that just takes a flat percentage of the rent, charges for maintenance repairs either from within or picks up a vendor, and there are no upcharges or service fees.The warranty is a standard one and will cost me less than $100 per month on a fourplex and about $95 per call out and repair.Just seeing if anyone has had a similar situation.