Hi @Mike Hoherchak there will always be a cycle in real estate, the thing to keep in mind that real estate is a long game for building wealth.   

They have more skin in the game then you do.Make sure you get clear title.

They bring most of the financing and you bring the boots on the ground local area knowledge and the management of the property and some capital so that you have skin in the game.

As we jump in the game, we’re thinking that finding someone based on a referral is a better option than winging it.

While I always want people to have the maximum protection, I also recognize they need to make money and these structures can vary in expense.

Anything within a three minute drive of campus is fair game for that, as far as I and some other real estate agents familiar with the area can tell.

I understand that 50% for expenses is a very rough number and will vary depending on the property but it seemed to be a relatively conservative approach to start with until I come to know my market better.

They passed and we are still in the waiting game. 

Having worked with many CA investors, most of my recommendations vary drastically based upon what their portfolio and goals are.

I'd imagine it varies from state to state, it should be coming out from their remainder of the proceeds from the sale, and shouldn't be transferred.