At the same time, have them define their scope and responsibilities for these new services.Accountability. 

. :)The biggest thing we had to solve is simple for us given our personalities but difficult for couples in general to implement: setting and adhering to clearly-defined roles for each spouse.

There was a sign in sheet where you could define a few things such as what your specialty was (Rentals, Landlording, Wholesaling, Contractor, CPA, etc.) as well as what you were in need of (guidance, Hard Money Lenders, property managers, etc.)

But, if you're not here, you wouldn't know, thusly defining our competitive advantage.

@Erik PfundsteinThe answers you get will vary from person to person, but IMO a waterfall needs to be structured with defined hurdle rates.

In both situations It also needs to be in the right area for the short term and long term game.I love old homes because of the character and because they often are better built.

You define the service scope with the agent.Rent Collection:  There are several ways to collect rent these days. 

Your right on the cap rate not really defining the value of the property since it is considered residential.

Find someone with the capital and give them a defined ongoing active role in the deal. 

(emphasis added)This indicates you can buy proper metals if it is in physical possession of a trustee defined in (a) (the top of the document).