Given what the market is doing I probably won't buy any like that for a while.I bought a house 1 mile from downtown Nashville because my gut said long term it's going to be a cash cow and create a ton of equity.

Good luck on your real estate journey, and feel free to ask if you have more specific questions along the way!

I feel strongly that midterm rental hosts are better to drop their prices for a month or two to avoid vacancies than they are to let it sit.

You already tackled the major contributors but overkill is ok if it makes you feel more comfortable.  

I'm not sure how I feel about it.

Feel free to reach out!

So with that logic, I want the LP to be protected and get paid out a baseline return first, but if the property exceeds expectations I believe the GP should capture  higher returns.With the proposed 75/25 waterfall breakdown suggested by the LP, I feel that I would be under compensated the first 4 or so years and it may not be worth it for me considering the month of labor it takes to furnish the property and the approximately 100-150 hours a year it takes for me to manage the property.

More Flexibility but worse terms on the mortgage.I hope all of that makes sense but feel free to reach out with any other questions.  

It feels like almost everyone lol 

I have had to turn away people that were literally crying/begging on the phone as I turned them down and you feel terrible, but I have a responsibility to the Owner to manage the asset responsibly.