Closing costs, repairs and vacancies all add up and if you have multiple rentals it seems when something happens in one (eg fridge goes), another thing happens in another (eg washing machine). 

It seems crazy to ever sell this place.

The chart below represent the total nr. of reviews across all the listings in the city, for any given month: It seems that the peak season is October, the mid-high season goes from March - Oct., and the low season from Nov- Feb next year.

This asset class seems to require more touches with management than other classes.  

It seems like it does not leave much equity and profits for the remainder of the general partnership team and all the various roles you need to fill.

Seems like I asked the question in the right place then.

So, from a long-term investment standpoint, this seems to be a significantly cash-flow negative deal. 

The advice I most commonly see is "Hire a lawyer" which is fine, but it seems like a common enough thing that it would be templatized by now and you wouldn't need to hire a lawyer to create the agreement from scratch.

It seems like you are speaking about a specific market, so are there any companies currently for sale? 

What I see online seems unnecessarily complex for smaller commercial acquisitions (5-10 unit buildings).