As a listing broker, do you hold the responsibility of reviewing closing settlement statements or can this be done by a salesperson? 

I suggest viewing PMc the way I do; I view it as 3 completely separate operations: 1- Property Management: This is all things speaking to the property itself, the structure.

Any financing suggestions are greatly appreciated as I'm just getting started.  

We then schedule a meeting for all adults to review and sign the documents at our office.

So with that logic, I want the LP to be protected and get paid out a baseline return first, but if the property exceeds expectations I believe the GP should capture  higher returns.With the proposed 75/25 waterfall breakdown suggested by the LP, I feel that I would be under compensated the first 4 or so years and it may not be worth it for me considering the month of labor it takes to furnish the property and the approximately 100-150 hours a year it takes for me to manage the property.

There are so many so be sure to filter by your location. 4) Review Dave Meyer’s The State of Real Estate Investing Report 2024 (in your resource page as a member of BiggerPockets!)

As others have suggested, using mats could also be a viable option.

I would suggest not just dumping it all on the title company and expecting them to handle everything with no communication from you. 

Where do you go when you need to find directions, reviews, learning how to do anything?

Anyway, my suggestion would be to try and invest as close as possible, even if it's a 2 hour drive away.