Yes, in most markets, having tenant owned homes is preferred for various reasons you're likely already aware of.

The norms for LP/GP split are typically preferred returns of 8-10% and 70/30 or 60/40 on profit.

They would like around 2k a month preferably less but willing to go a little higher.

I think I prefer mentality, even though they are almost synonymous.

I thought maybe he preferred the tax benefits that selling the llc offered (?).

What we found is that different areas (even locally) have different preferred sites. 

We’re looking for a property that fits the following criteria:- Value between 18-28 million- Located in a red state with good landlord-tenant laws (Texas and Idaho are our preference) - If Texas, not near the boarder, San Antanio or Houston area.

I'd prefer not to put my life on hold because of this.

I just want to get a taste of the real estate game, any knowledge will be a great help.

He's got 24 with a few being multis idk how he does it but that's his preference. just signed a new 1yr lease and told current owner she didn't want to leave she'll just renew with new owner.