Initially if you self manage like I do make little upgrades to your properties after tenants leave .

in a 1031 exchange, the seller(in the initial transaction) has to be the same as the purchaser(in the later transactions).

The single family market even in the secondary/tertiary markets are priced out and if cashflow is your initial goal.

Initially She made me agree that I wouldn’t try to do any real estate investing until my student loan debt was paid off.

I work for a lender so I initially spoke to them.

Then the majority of the rest of the income should go to your company because you have really created the ongoing value that drives revenue to the property.The exception can be when and owner or developer has painstaking developed an incredible product they are entrusting you with where you don't have to do any of the initial set up and can more easily take the reins on ongoing operations of the property.The best property managers are picky and often turn away lots of owners because they understand they have a brand to protect and because they know they bring a lot of value to the real estate owners or developers.My goal as developer and investor in this niche now is to create an incredible product to hand off to professional high end manager that knows how to be host to guests and is hospitality focused.

I agree with Scott, make the initial efforts to inform all parties and then step aside. 

My agent was out of town when the initial offering was placed and I used one of his associates.

This was 100% not a great REI type project, the initial margins weren't there.

My initial goal is to have rentals that produce a combined $1500-$2000/month in cash flow after expenses.