Ensure vendors feel fairly compensated for their expertise.3.Feedback and Recognition: Provide constructive feedback on their work and recognize exceptional performance.

I'm also relatively young and interested in some more "challenging" investments (although recognizing that I would have to do everything remotely and source through a property management company like yours).

Recognize there are challenges doing BRRRRs since the rate increases that have occurred in the last couple years

If you're going to work with contractors, collect rent from tenants, or try to bed the hot chick at the bar, you better learn to recognize warning signs and get out early. 

Which this new business out of Tennessee I am looking at either LLC or C Corp (S Corp is not recognized at a state level here).

If the improvements were recognized as taxable property before, you might be able to keep the property taxes and depreciation setup.

If you consistently analyze properties, recognizing a good deal will be much easier when it shows up.

The remaining rent ($1,634) is recognized as rental income.

If syndicator is building reserves for the first year of ownership, for instance, and not paying distributions, AND recognizes rental profit, you will have a larger tax bill that year, since you "made money" in the IRS's eyes, even though you did not receive any cashflow from your syndicator.On a more general note, a preferred return does not mean you will get that amount of cash flow each year.  

These are very risk gambles that should only be attempted with money you don't really care about.