Thank you @Brian Garrett, I did talk to a friend that is an appraiser and he mentioned that in certain areas the houses are selling for less than the appraised value, could there be a correction going on? 

At this point of the deal I cannot ask for anything else because of the above mentioned.

I have to mention that I do have a relationship and a bank account with a local bank in Florida and I do own a LLC in OhioWould I be able to use the equity on my two properties to pay down the deposit for the third one?

This is definitely true for me, however, I can't find if Amanda and Matt mention the Real Estate Professional definition as a requirement for that or not.If I can take the deduction, can you send me some collateral I can forward to my CPA? 

Which means one or multiple of you will have to be on the loan.Secondly which you sort of mentioned yourself is at 2-300 a month cash flow/ 3 isn’t a lot to get excited about.

Ask around your local investor meetings for names of reputable lenders, you will often find the same names mentioned, and if someone asks you for up front fees then run in the other direction.

Not to mention its illegal for Real estate agents to pay referral fee's to non licensed persons

Apart from the profit split (50/50 as you've mentioned), you should really focus on who has effective operational control i.e. who has the decision-making power.

As Wes mentioned above, communicate clearly with your PM and set up a limited POA for someone you trust. 

I have a little experience with rentals (we own 3 houses we rent out, plus two apartments in our house, all in Valpo) but not with any of the other things you mentioned.