If they can present quality information describing why they need the capital, what the current state of the asset is, how this capital will be used to solidify the asset - then at least I can evaluate the capital call and make a decision to participate or not. 

I was curious to know with the purchase of this property would I have to adhere to the stabilized rents? 

In it’s most basic definition Buy - Purchase a propertyRehab - Value-add with renovations and rehab things that need to be fixedRent - Find tenants to pay your mortgage (and maybe some cash flow)Refinance - Once the property’s value appreciates from rehab and reappraises for more than you purchased it for plus renos, you can use that gained equity to do a cash out refi.

Thinking about purchasing a large 4BR single family home near a university.

Your first purchase with your brother should be a house hack of a multi.

You only need a place to track tenant information, payment history, maintenance, etc.

How can I better automate my lease agreement being sent out, information filled in, and then easily signed by the guest?

I was passively absorbing the information. 

My initial plan was to purchase enough rentals to help offset some of the mortgage of my future home in LA.

Purchase price: $1,300,000 Cash invested: $1,370,000 Sale price: $1,500,000 Having great investment opportunity this year and particular one was quick and excellent