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.

More Flexibility but worse terms on the mortgage.I hope all of that makes sense but feel free to reach out with any other questions.  

It feels like almost everyone lol 

I have had to turn away people that were literally crying/begging on the phone as I turned them down and you feel terrible, but I have a responsibility to the Owner to manage the asset responsibly. 

I guess I am here because I feel lost and overwhelmed and want to learn how to make the most of this situation to achieve my goals in a safe way over the next 1-5 years if possible.

. 😀 I love your reply and feel like you would be accurate, it just depends on which Founding Fathers.

But tbh after having real mentors and then hearing “mentors” are charging just makes the whole thing feel … cringy. 

I know there’s pros & cons against this turnkey strategy.For me i personally felt since I'm investing remotely, cutting out the rehab part, dealing with contractors would be less of a headache going into my first rental.I also understand that I won’t have any appreciation to start off or built in equity.I just need some advice here regarding turnkey properties and the best way to go about it.To me I feel like this can be a smart move starting out until get comfortable in the market I’m in & I’m able to build connections overtime and eventually I can really do the whole BRRRR strategy.Please let me know your thoughts whether it’s good or bad.

Feel free to share your own experiences with short-term rentals in Locust Lake Village. 

You probably only need 1 attorney, because of your relationship with your partner, who will represent the "seller" for title and fiduciary purposes, and as the buyer you really don't need your own unless you feel like you need to protect your interests.You absolutely should not transfer this property back to a LLC once you own it, especially in the first year as a primary residence, but also because it's completely unnecessary.