Again, I would run exact numbers before committing.Or d) would you utilize some other strategy that you're willing to elaborate on.

Splits 70/30 very common for experienced operators and I see clubs / newbies going 80/20 or 75/25 to just get some experience going and attract investors in w/higher potential returns for the limited partner. 

It seems as though the most common consists of 12% interest and 3-5 points.

. $2875 in rent BUT with utilities included it's really only $2142 in rents. 

This is a pretty common issue that some firms seem to have figured out and others don’t - I think it’s more person by person.

Just want to make sure I am on the same page...Keep in mind when thinking about property managers, they have overhead of conducting business, including employee wages and benefits, hardware and software costs, utilities and rent for their office location, insurance costs, licensing costs for their employees plus the time and effort put into maintaining compliance with applicable laws regarding third party management of real estate assets.

Business brokerage has more in common with commercial real estate sales where you need to get a commission agreement SIGNED before you send the referral or execute any type of contract. 

Unless you already have all the resources don't be afraid to utilize other wholesaler's resources

There are also a lot of ways to acquire and reposition small multifamily properties, where rehab funds are required, utilizing local lender bridge loans or large hard money lenders.

You can also utilize Rentometer and Hotpads to help get an idea of average rents in your area.