@Rich S.We rent b, c and d class properties and have chosen to retain my d class properties but not buy anymore.

Other ways you can protect yourself is to have them put down a retainer and/or a contingency on the work that is released to you is specific spelled out things happen in the deal. 

I am selling 1 property, to get a pay off, need to fill out paperwork only a lawyer would understand, pay $ 1,000 retainer and close to a $ 15,000 penalty for release of $ 73,000 1st mortgage on property being sold.

Lease (12month) language that all were responsible and release of one tenant was in writing from all for approved reason and others assumed full responsibility. 2 or more departures without offering acceptable replacement(s) (same screening criteria) triggered a lease violation and right for landlord terminate, removed all tenants and retain up-to 60 days rent in order to ensure property is re-rented without impact to LL.AndrewSE Virginia

., but ultimately Ken will retain ownership of the property and 70% of the profit, with the investor getting 30%.

And don't be afraid to exercise that "no" muscle. 

I thought the GP/LP structure is good because GP must retain managerial role (LP should not be involved in that) to keep it clean. 

One thing to consider also if you will be retaining any tenants, do they have security deposit since if they left and want their security deposit back you will be the one returning that one.

You will receive an Addict award along with a habit; as well as learning and retaining additional  real estate information without struggling.At the bottom of this page is a list with help in it.

Otherwise you should pay down your debt.Either way, you should retain an equivalent of 3-4 months income in liquid savings as your rainy day fund.