You two need to be to decide and/or resolve conflicts over such aspects as:  when/what/how to repair/replace something (lots of finger pointing potential here), rent amount, keep or let go tenant, what to purchase for, how to deal with tenant, how to dissolve partnership if necessary, what to sell it for, when / how to refi...Most of all of this should be worked in the Operating Agreement in black and white. 

The cash flow potential and the A class area of town!

Any potential cause of action (incident that can result in legal action) would happen at the property (which is in GA) and will go before the COurts of GA, therefore, you want to have that shielded, and contained, liability within the entity that is also located in GA. 

I had many ups and downs and faced significant losses in the past, but I finally figured out how to build up a portfolio with the most potential for growth. 

Hello, I have recently been considering a shift in my mindset from long-term rental property in my local market (Charlotte, NC) towards the idea of short-term rental property in an out-of-state market (that is more affordable) for the potential of higher cash flow in the short-term in addition to the long-term appreciation.

So I could buy a house and start immediately when I get a new job and potentially move.

Flipping has more potential liability than rentals.

You have a bigger pool of potential allies if your borrower defaults, meaning, they may want to step up and negotiate to pay you off so they don't get wiped out.

Flipping houses, where you buy a property, renovate it, and sell it for a higher price, is an example of a short-term strategy.Both long-term and short-term strategies have their advantages and risks.Long-term strategies offer stability and the potential for steady income, while short-term strategies can provide quick profits but may involve higher risks and more work.The key is to choose the strategy that aligns with your goals and risk tolerance as a real estate investor.5.2 Portfolio DiversificationWhen you hear the word "portfolio," you might think of an artist's collection of paintings.But in the world of finance and investing, a portfolio is a collection of different investments you own, like stocks, bonds, or real estate properties.Diversification is like having a variety of colors in your art palette.Imagine you have a basket of apples.

People will be more inclined to invest in an out-of-stater if they know the potential of the area they live in.