I use an equity raise because it allows me to focus on the project and those that invest profit more the better I perform.

The suburbs have a lot to offer from very robust adult sporting community such as softball, soccer, baseball, flag football to many trails and other forms of outdoor activity.  

I would almost definitely be starting out with the more passive performing notes.

Does it vary with performance (where performance is Performing or Not - no in between needed)?

.; and Purchase and installation cost for a key and lock.IREM Chapter 4 recommends that our property management colleagues perform a thorough evaluation of all leasing and marketing materials.

If the price is right for the area, then determine the quality of the cash flow: is the building under-performing?  

@Ross GillYou may want to look into a Master Lease Option strategya. find a mom and pop "poorly performing" apartment buildingb. offer the low "NOI" as an option to purchase pricec.

Business is a team sport.

So is it kind of a % type deal or more a flat rate depending on how well the bird dog performs. 

Of course, easier landlording and likely less potential variability in performance also than the former two.