Would you mind sharing how you found the deal? 

I found this list from BP - any favorites? 

So, they will want to know that you are serious and in it for the long haul before they start giving you equity in the deal.Honestly, if I was in your position as a new investor with no experience who found an experienced investor to partner with, I would be less focused on how much money I will get paid in the short-term and more so on how I will use the experience I gain to make exponentially more $ in the future. 

Hmmm, it would be a good idea if you found a funding partner help you get these loan or provide private money to do your deals.

I don't know Muskegon but I've found several great mangers across the country using NARPM.org. 

I have never found it to be very accurate but for fun I just looked up my house because we just had it appraised last week when we opened a HELOC and I was surprised at how close it was, Zillow has it just $27,000 under our appraisal, 6% off!

. --  I have reached out to the PM and he has reduced the price to a more competitive rate but it still hasn't found suitable tenants. 

(I found some land that would be a good fit)Do you just purchase a multifamily home and rent it out?

Neither of us have done a deal as of yet, but he's already found the capital to do so and he's real close to finally starting. 

I've read through the contract particulars more tightly since my post - and found another area that addresses it immediately: "In the event Buyer and/or Seller choose not to purchase a HWPP prior to recording, this paragraph shall serve as acknowledgement Buyer and/or Seller wish to waive their right to purchase the plan."