They seem to provide okay return but they happen to be in C-/D areas where there is high tenant turnover which will cut into my profit.

Also cut back the info, less is more, if it’s just for contacting you maybe just an email and phone, address can go on back but you probably don’t want people showing up at your door, it just shows that your local but not needed.

Basically it dictates that such a structure would only need to address items related to health and safety.  

If they get a cut of rent-ready costs, they make even more money off you. 

I did on the commercial side so I know some residential agent do not like to cut thier rate.

Get your personal house in orderThe best starting point for me to get refocused was The Slight Edge by Jeff Olsen.

Hi Ephraim,In the simplest form, lets say you and your new business friend Bob think that a house over on 6th street would make a good rental, but it needs some work.It costs $100,000 and you guys intend to use a paid property manger.You and Bob agree to each put in $10,000 ($10k + $10k = $20k down payment) and split the loan fees equally for the 80% loan, and split the renovation cost equally to make it rentable.In this instance, it makes sense that both you and Bob are 50%/50% owners of the property and should each get 50% of the monthly profits (and or losses) and share any needed extra expenses incurred during ownership 50/50.Now if only one of you is going to put money into the deal and the other is going to provide sweat equity, depending on the amount of sweat equity needed that MAY determine the seat equity cut (but if the money partner wants a bigger percentage the sweat partner will have to decide if his efforts are worth what's left over).It's best to pay an attorney to help you figure out the wording of this.

The instructions you give the attorney as to what can happen to the deed and when will be spelled out in the paperwork.Measure twice, cut once.  

This would be much less labor once the tenants are placed but I cut my cash flow in half or more by going this route.

Most of these neighborhoods are going to feel like older suburbia so although not up-scale you likely wouldn't have a problem living there from a safety perspective.