In addition to abstraction we also match the property to assessor records, parcel maps, demographics data, etc.

Gave me practical experience finding deals (and the tools & techniques involved), working with realtors, lawyers and banks, appraisals, inspections, insurance, property taxes, utilities, closings, HUD statements, etc.Owning a home gave me more practical experience in basic to moderate home repair, dealing with contractors for more complicated issues, capital improvements, insurance claims, "neighbor relations", and many more important aspects involved with owning property.But in addition to buying and owning my own home, I'll say what was equally important to giving me confidence to get started was having a few friends who were already doing what I wanted to do. 

As for the legal structure, you best bet is to speak with a securities attorney. 

Look at ways to add value to a property, not just by rehabbing but look at properties where you can add an additional property on the land.

Your choice will depend on your level of risk tolerance (holding in a cooling market) and willingness to make additional investments in the property.

These are professionals with additional training and a stricter code of ethics.

That's one additional factor that goes into my rental estimates.

I would maybe consider a percentage of profit in addition to normal rent?

I agree to pay buyer closing cost and additional for minor repair.

The last thing is that you've simply brought an additional partner into your management.