It's great because you get to define it!

I was speaking more broadly about the dogma around "rules."

But please, consider using a property manager for any rentals you're going to keep "long-term," whatever and however "long-term" is defined by you.  

I feel like I need to provide some more direction to him and more clearly define his compensation structure.

Once you have defined X... then you have a measuring stick to decide if keeping or selling this house makes sense.  

Because I'm planning on filing individual LLCs for my deals (the first I'm planning on a flip), these private investors I'll need to include on the LLCs again with percentage interest and terms obviously defined. 

In the future, I will definately be investing again, either alone, or with a partner, or both.  

While crazy stuff happens once in a while, most landlord-tenant relationship are well defined.

I have been doing this for awhile but I think there are very few true experts that know everything about a topic as broad as real estate investing.The mantra I like to remind people of in open forums like this is "Trust but verify."

If you have a business and need a place, that's a different story.Also not sure what you define as great cash on cash return.