I'm using sites like airdna to help analyze deals but would like a little tip on how to navigate local licensing (if needed or not) and how I could maybe start one in Madison specifically what hoops I need to jump through?

If you were to use AirDNA paid version as a starting point you could find specific properties and their trailing 12 months of performance. 

if you have BP Pro, there are lease agreements for each state prepped by state-specific attorneys!

@Jim Bo biggest mistakes investors make when doing business with friends is NOT treating it like a business arrangement.You'll need a detailed partnership agreement covering buyouts, capital calls and what happens if one of you dies.Why would you pay him while he learns property management?

I would get really specific on that, not "I want to make money" or " I want passive income".

Keep a detailed time log here and you should be good if it ever got to that point. 3.

Appreciate some feedback.I had a tenant, ironically also in Gaithersburg (hope it’s not the same person because she was a pain in the *** lol) but she wanted a new carpet we paid half, she paid her half via us uppping the rent $50 over what it otherwise would have been, so that’s always a creative option, however I wouldn’t want gas at my property if I could avoid it, always a risk of a leak or worse so I’d probably lean towards saying no to this specific request. 

Is there a specific reason why you are looking for a non-recourse loan? 

At this point I don't have an entity, but I was thinking of setting one up, specifically for the PM side of things if I could manage tax benefits that way. 

The legal lending limit is the maximum a bank can lend to a specific borrower.