They still have equity stake in the property but rely on someone with more experience to handle the day to day operation. 

Joe p&i are not operating expenses.  

Setting up a remote operation is doable but not something for beginners and part timers. 

Acquisitions/Business Development, Operations Manager, Bookkeeper, with the associated responsibilities, experience necessary, and goals for the position?

I have seen many people who thought they knew all the rules do something that was prohibited.I always suggest, if going that route, you have an experienced ERISA attorney set up the operating agreement and have them available for consultation for any transactions.Jaime

We have ties in Jacksonville and Orlando and that is where we would like to start our operation with flips.

There is also a 0.1% monthly Asset Management Fee, as well as possible Financing Coordination Fees, Property Management Fees, Disposition Fees, Leasing Commission Fees, and Other Operating Expense Reimbursements. 

My wife and I have been using the BP method of calculating operating costs for rentals in Houston but we were starting think that just using say 8% for maintenance, 8% for vacancy, etc is fine for a place that only commands $1000/mo in rent but really penalizes a place that commands $3000/mo in rent making it impossible to find a good deal.

Hello all,I'm a property owner and operator in Southern California.

@George TorresIf you're trying to turn the the flipping of in real estate into your full-time job or one of your main jobs, then look into the ROBS 401k (Rollover as Business Startup) as it will allow you to use all of your retirement funds tax and penalty free to finance a real estate operating company provide a you are an employee of the business and therefore you can draw a fair salary.