@Fritz RitterWelcome aboard Fritz there are many local meet ups in the DMV area that occur.  

We'd be looking to treat the property manager as "the landlord" - ie, somebody we could call to manage a repair, somebody who would tell us what regular maintenance needs to occur and when and help us schedule and budget such maintenance.This is a bit different than "stick tenants in and collect rent" scenario.

It never occurred to me that this would be a thing.From the perspective of a bird dog to wholesaler relationship what sort of information should I gather before passing it on as a potential lead above and beyond what's already typical for residential leads?

It is clear that the presence of all of these factors would compel the conclusion that a sale has occurred; moreover, since a single factor is not controlling, the absence of any of them would not compel the conclusion that a sale had not occurred.STRATEGIES TO AVOID RECHARACTERIZATION OF A SALE:Where the parties want to avoid having the lease/option recharacterized as a sale, the overall planning strategy is to avoid or minimize the indicators of a deemed sale as follows:1.

I have a few notes with a JV.We encountered a situation where we bought a Note but found that the person we were dealing with didn't have any authority for a buy back, which occurred as a result of changes occurring during the buy process.

Explain that this occurred before you were the owner and that the title was transferred outside of a title company.  

I know these expenses will occur, just not how much to expect.

They are very poor business operators.You are proof that vacancies do not occur with proper management.Congratulations and good luck.

Occurred BEFORE you purchased and the previous owner KNEW about the water infiltrarion.

It makes it super easy to track and then I can reach out to the specific tenant that is late if the issue occurs rather than trying to contact all a property's tenants to find out where the late payment is.