I split apartments up between LP and GP.  

This works with the LLC model where you have control. 

By selling my "liability" I was able to acquire 3 houses with $90k in total debt, estimated $80k+ in equity, return my initial investment to myself, have about $15k left in reserve from the refinances, and the properties are combined cashflowing about $1500/month using a conservative 50% model (i.e.

So to join in the consensus, just get your license and hire a BIC and boom you have almost that exact model.  

The LP is easy to find, on the Dade clerk of court, official search, site.  

If you are flipping, you definitely need to adjust your underwriting and perhaps the specifics inside your business model to function at a profit in a downturn.

@Nirbhik Modi I like to answer this question using data, and I have built a system to do automatically identify areas that have the highest rental returns at the lowest risk.My team built a system to model rents using machine learning based on comps, location, and local economic strength.

When you re-do your lease, model it after the Texas Realtors standard lease template.

Been looking into doing some passive investing as an LP.

There is no place in my business model to allow domestic violence to occur in one of my properties.