I can't think of a reason in this scenario that would align GP's objectives with that of an LP. 

We will be financing our first deal and will be looking for a PM has well. 

However, the reason why my partner is only putting the money is because he's constantly traveling 80% of his time and he lives in a different state than I do.

Their product was deemed an essential service and the preferred return would be cumulative.

Quote from @Evan Polaski: @Enrique Roth, every investor should be preparing a full appraisal package.In mine, I include 1. before and after photos, 2. 5-6 comps that I want the appraiser to use, WITH explanations of what the comps have or don't have compared to mine.  

Note even half way would be a 50% rent increase if they are going from $600/month to $900/month.   

If they do something wrong, the first question should be have we trained them on this?

TIA Why PM yourself, the 100 or so a month is meaningless, I live OOS and would never want to be bothered with the issues. 

Granted this charge could be the one from 1996?

So I would likely have to place this responsibility with the renter.