Virtually all the properties on the MLS do not have a price that properly reflects the rehab cost, the risk, and decent compensation for the work involved. 

In many countries, usually only listing brokers are compensated.

@Alan Asriants agreed, the vast majority of off market deals I see are in class D neighborhoods, the low price points make this market unattractive for a percentage based compensation. 

.)- Workers Compensation (even if you are not employing anyone)There are other coverage to consider depending on your operations.   

So with that logic, I want the LP to be protected and get paid out a baseline return first, but if the property exceeds expectations I believe the GP should capture  higher returns.With the proposed 75/25 waterfall breakdown suggested by the LP, I feel that I would be under compensated the first 4 or so years and it may not be worth it for me considering the month of labor it takes to furnish the property and the approximately 100-150 hours a year it takes for me to manage the property.

It is hard because the financial industry has been so distorted by compensation models. 

There are some excellent website out there, but I would just caution be sure that the platform is not raising capital or being compensated by the sponsor in some way as you can see as to how that would be a built in conflict of interest. 

Unfortunately I consider myself somewhat of an expert/victim in this area.

Should I put a low offer to help compensate for the potential repairs that are not clear yet until the house is inspected ?

Just not clear on what to ask for compensation.