Typically the LP investors get a preferred return and then a split of all the profits above that.

That's the sort of thing I'm trying to find, preferably cost by square foot so it can be adjusted based on the individual property. 

But I'm with you, I prefer cash flow at this point in my path.

I prefer to self manage STRs to optimize pricing and guest experience.

So I told his wife, I'll make a list for you guys to work on in case he gets bored again.Since then, I give preference to older blue collar guys, with families, rather than young MBA types, just finished collage, has impressive job titles in investment banking, but can't figure out how to tighten door knobs, or know shower curtain go inside the tub, not outside, so water won't leak downstairs.

Do you have tenants email maintenance requests or ways you prefer to manage those things?

If you don't have the backing of the court you may prefer to start down a different road and add the extra pet / charge for it.  

Leverage REP status to use other losses against capital gains in the liquid assets of the company (invested in EFT's, etc)The policy for loss distribution would be:-All must be active (preferably material) participants to get deductions; hence the 20 or fewer so relationships can be maintained-Non-REP's can take up to $25k/y as PAL.

Which is what I prefer until I get my feet wet.

But, I spoke with another investor in the area that prefers short term, Airbnb rentals and is finding a lot of success doing that.