. $550  / mth * 8 unit = $4,400 * 12 mths = $ 52,800 GRI  ****not $53,800****The formula for CAP = NOI/PriceNOI = [GRI - V&C loss + OI] - EXP  *****You did not subtract for expenses to arrive at NOI nor include a vacancy and collection factor****Assuming expenses are 50% and 100% occupancy (which 100% occ is not realistic all the time).

I will still collect a W2 from the business (I’m still an employee) as well as K1 for a percentage of profit.  

Would 1st lien position and rights to collect the property if I default be considered skin in the game? 

We (collectively, I speak for all of the mods here) would rather keep the active and engaged threads clean if given a choice.3.

Either define a set period of time that you will serve as a manager for no cost and then collect xx% of revenue as a management fee before splitting profits.

Have you ever had a pet cause more damage than the fees you've collected?

Even smaller chance you recoup expenses via collections.

When you first start out you will likely be less sophisticated regarding deals that you will actually pursue so my best advice is to not become a tire kicker who looks at everything and then never closes deals.

I collect true financials from every seller or agent I work with that is willing to share them & all of the websites tend to dramatically underestimate in these areas..

I used furnished finder and keycheck to find tenants, screen them, and collect rent/security deposits.