It is still true that if you can't figure out who the fish is at the table after five minutes it is you; however, the time, effort, and skill needed to find the fish at the proverbial table isn't particularly high in most RE niches, at least from my experience. 

I told the tenants 2 weeks ago that i would be moving out my personal property tomorrow and i just received an email (not even 12 hours before I'm supposed to go get my couch and table) from one of the tenants parents that they are going to bring me to the tenant board if i take out my furniture.

Hi All,I could really use your expertise to help me with my checklist for establishing a partnership with an out of state investor.We have an exciting opportunity on the table to rehab a single-family, do a cash out refinance, and hold long-term as a rental property. 

There is good money being left on the table by not accepting pets, and many responsible, caring people have them.

-Refi, cash out and buy the second and third.Based on the specifics two maybe three will get us to our goals and while there is a lot of leverage left on the table that could be seen as wasted it actually buys us a lot of time with our young family which is our why for getting involved in real estate.

I'd say 30K is a minimum to come to the table with if using a hard money lender.

Fortunately, I have realized my mistake and am now getting in the game.My first purchase was not necessarily a great deal as I later found after reading some of Brandon Turner's books and of course the classic Rich Dad Poor Dad.  

What do you bring to the table? 

I only have one property, and it isn't quite ready to rent--we're still renovating.Both the other guy and I will need to explore what strengths we bring to the table to ensure we mesh well.Partnerships add new risks, and I wouldn't consider partnering with anyone unless I felt very comfortable about who they were as a person, their level of integrity, their work ethic and their character.

In a second scenario, can you compare once again in respect to Class B investors (upside investor), the same deal that offers either the classic one class LP investment class vs the two tiered class A/B LP investor class assuming say a 10% Pref class A (no upside)  7% class B (Upside potential) in the split deal vs straight 8% pref for all LP's in the classic deal.