If you want to be into rentals know how to raise money legally and form Partnerships so you can invest in apartment complexes.Once you start buying a minimum of a 32 unit apartment complexes you'll be able to hire a Property Management Company to take care of the daily operations including the maintenance and tenant screening and still make a positive cash flow. 

Inside the LLC agreement you have your operating agreement. this will spell out the business deal that you two cut.. as well as what was mentioned above which is basically a buy sell agreement..

Does anyone have experience with such an arrangement and where would I go to set up this operating agreement?

My husband Elmer works for a cabin rental company as a maintenance man and is head of Pool Operations.

But a reverse exchange sort of makes that work.In a reverse exchange the QI for the 1031 forms a holding entity called the EAT and purchases the new properties and holds them in title while you control them and operate them until you sell your old property. 

Some of them operate in all 50 states others are here in Colorado.

More importantly, you may choose to not have AC, but if a tenant rents a unit with operating AC, they are paying for a service.

What would be a contingency to get out of the deal if the rent rolls/ operating statement or lease info is not-verifiable or turns our to be false ? 

What would be a contingency to get out of the deal if the rent rolls/ operating statement or lease info is not-verifiable or turns our to be false ?

The DSCR is calculated by taking the NOI (Net Operating Income) and dividing by the annual debt service (which is the total of monthly loan payments, including principal and interest for the year).