Another perk is they have access to credit tools like rapid re-scores or updates.

If it's a newer build I stand corrected.

Just listened to Show 165, in which Brandon mentioned BP having a report / tool / spreadsheet that aggregates your properties into a dashboard to see your cash flow, net worth, etc.

Is this correct? 

I have some I have had bad experiences with because they delayed closing, others I’ve had a bad experience with that they corrected and others I’ve had no issues with.

Here’s the bottom line:No financial risk to partner = no motivation = can pack up his tool bag and leave.No contract can secure yourself and your investment when it comes to this type of partnership - there are too many what ifs and what to do on that if.Best case: Hire him as contractor, pay his invoice, move to the next deal.

Two small beachside hotels have come up for sale (see LoopNet) and I would like to know if there are any tools other than CapRate and NOI to help me with deal analysis. 

With that being said, I do charge an application fee and here's a list of some of the reasons why:1)  I incur a cost to run a credit check so the application fee just offsets this cost (I don't make money off the application fee, I just charge according to what it actually costs me so I'm not out any money).2)  It helps weed out the tire kickers who may turn in an application but aren't serious about renting the property or those that might turn in an application hoping you won't find out something that would disqualify them (I give all applicants my criteria stapled to the application so they know exactly what I'm looking for, and not looking for).3)  It's another screening tool (if the applicant can't afford the application fee, how are they going to afford the rent + security deposit?)

I think you're fortunate he didn't steal your tools and materials and disappear.

In that regard it seems to be a good tool.