My answer would certainly be highly dependent on his own emotional make up, his desire to relax and travel, his willingness to delegate and outsource, etc.

Here's an ideal PM contract: The two keys are: The PM is incentivized to make you money, not charge high fees, and is contractually bound to provide reporting that you can understand in a timely manner. 

We pay $850 for a WH install, so, that seems high but you are in CA.

This could be just specific to the real estate industry, but in both recruiting and cybersecurity consultants (hackers for hire), the ones that start their own business/consultancy, are the ones who after spending 2 years (usually exactly 2 years which is when recruiters will message them), the high performer will either 1.

The FF rates in my zipcode are higher than I expected and their quality is less than what I'm bringing online! 

But I see people turning long term or highly appreciated primaries in to rentals.

You are going to be great through the highs of the next few years after this year.

Quote from @Rud Sev: Hello,I am new to the world of syndication (LP investor) and want to understand how taxes at a high level for syndication as LP before asking individual specific questions to my CPA.Notably, I want to understand how preferred returns/cash flows are taxed, if at all, until the amount invested has been returned.

@Eric L ConryThis is a highly personal choice.

I think you can go as high as 15% but it's cutting into your margins and depends if you are a GC yourself or not. 150k is close to a million or more.