I promise not to disclose this incentive to you.Then the syndicator will generate a 2.5% fee for buying a building, charge you 2.5% for managing the asset, another 2.5% to sell or refinance it. the GP LP carried interest split will be 70/30 on the huge pile of money we will make.

About a month ago we started contacting property management companies to help us get the rental part moving, but this is where we've hit a road bump.

You can run the risk of using it as a short-term rental, but doing so is a violation of the loan documents you sign at closing.

There is only one "Responsible Broker" or "Managing Broker" per brokerage.

It's easiest to work with STRs in your local area and can self manage at least at first.

Do they have expertise in renovations/management that you don't?

@David Braut12% interest + 2 points and fees to draft documents is around industry standard.

Grab a cup of coffee and do a deep dive.https://www.stlouis-mo.gov/nst/documents/inforent.cfmI would also check to see if you are in an HOA and if they have any restrictions. 

I self manage my stuff, but its not hard to do it for 50-60 tenants...

What are the tasks that must be done by a property manager/owner versus someone who is assisting a PM/owner?