The shower operates correctly.

And don't trust any pro forma statements they make, get the actual paperwork for rents received, operating expenses, etc.

You'll want to get all the real operating costs from the owner, including pest, lawn care, taxes, insurance (you can get your own quote), maintenance, utilities, management, etc. 

We had coin-operated washers and dryers on every floor of our residence hall.

My question is, Operating agreement is based out of the real estate strategy or standard for all types of strategies.

These vehicles aren't going to tie your assets to a single family property.In no way do I think TKs are a bad thing, I think they are great options for some people and a win-win for investors and TK operators.

We had the sewer lines backing up after our first load of laundry.

Background: A company was operating in Santa Monica from 2016 thru August 2018, then they are moving to LA by end of this month. 

Operating accountproperty taxes and cap ex are paid out of this account also.2.

See if lease has personal guarantee.Individual corporate guarantee from a smaller operator can be weakest because they can BK that one location and walk away from it while running other stores.