We have all legal documentation in order including the operating agreement and PPM which was drafted by a licensed attorney. 

I haven't necessarily brought this up with my employer, but I also don't want to get ahead of myself (i.e. take the MLO/Broker License test and then cause issue with my current position).Ultimately, the plan would be to get my MLO/Broker License, and operate my own mortgage brokerage.

He has worked for commercial and multifamily operators that have been hugely successful by raising majority capital from LPs (syndications), but for his personal portfolio he seems to have trouble making that leap.

I use Blink battery operated cameras from Amazon on almost all my properties.

We looked for quite a while for an operator and we landed on one we really like.

Hey Ruben,We operate similar to @Bryan Balducki - only two times we'll do shorter than 12 month leases is if the vacancy will fall between October and December, or when the tenant is renewing a year lease, we'll do MTM.  

I am currently analyzing an off market deal in a small college town, that is currently operating as college housing with a "rent by the room" style. 

May want to consider a multi-million dollar umbrella policy that will cover this type operation on your property.

What @Luke Carl has listed above is a very good start to what should be in you operating agreement.Think what could be an issue or disagreement in the future and address it in writing now.Also what happens to the share of the person that dies first?

What I mean by this is that the way public companies have to report about their operations isn't up to them, in the U.S they have to follow GAAP [Generally Accepted Accounting Principles].