You still need to learn what is it about, how they operate, and  then chose the operators, and the deals.

On mom & pop operations, distance is key IMO.

Firstly, I know I’m allowed to be a majority partner in a brokerage as long as I don’t engage in daily or company operations.

A good chunk of my CORE portfolio is invested using the asset allocation strategy (different types of index funds) managed by a robo advisor.

This will determine what kind of strategy you will follow, core, core plus, value add or opportunistic.If you were looking at $100k-$250k of capital I'd say you could be more liberal in your approach but since you are talking about 7 figures I would be alot more strategic about where you park your capital.

Property X:Cost of Leverage - $380All associated Real Estate costs to maintain a valid investment - X (we'll say $600 because BPers say half of rent will be operating costs)Cash Flow - $220Rent needs to be at $1220 (also the market needs to allow for this to be the going rate)If all these things are in place then its a definite property for the portfolio.  

You have to accept a much lower ADR and operating expenses are higher (heat) though.

The "70% Rule" suggests that you shouldn't be paying any more than $155k (less closing and operational costs).

I don’t believe the digital wall mounted controller is operated by batteries.

LLC interest if thats what your doing can have uneven distributions.. thats why we use themso you can own 81% of the LLC and spread the ownership to the others as you see fit.in your operating agreement you spell out how proceeds profits and loss are to be allocated.