Chicago Property Management, Chicago Property Managers, Chicago Property Management Company | Straight Up Chicago Investor Podcast

It sounds like if you just structured it giving him commissions it would not really work out considering he clearly wants more involvement/skin in the game on the project.Maybe just split it LLC 50/50 and the commission savings is a preferred return over his split on the exit?

But I heard a lot of bad reviews about property management companies.

I tend to prefer nicer areas for the house hacks because the difference in down payment between a $100k building really isn't that much from a $400k building when you are only putting 3-5% down.

It sounds like getting started on one now is preferable given your year-end goal, though :)

I found an amazing title company and was able to double close on the deal.

The postings created by a property management company will likely include the property management company's information in the description (they may even have their name watermarked on all of the listing photos).

Then have an attorney assist in drafting the needed documents & agreements.My personal preference has been to have one person hold title & the other hold a recorded option or lien position depending on their roles & needs. 

Assess how your property managers are performing and make a decision on whether you should handle property management yourself or enlist the help of a professional management company.

Contact several local property management companies, they should tell you a conservative and accurate rental amount.