Community association insurance/law is a very specialized area and association boards need to ensure they are working with people who specialize in the industry.

That isn't a way to run an efficient business for the agent to make money.

Currently looking at dropping the ownership percent for the partner below 20%, but than in the LLC Operating Agreement, artificially ensuring he gets the same amount of cash flow.Thanks for any insights you might have.

If the property is leased out, ensure there is an assignment of leases and rents.  

A new high efficiency boiler isn't a bad investment either.

Va Loan funding fees can be rolled over based on lender guidelines, here is what I found from veterans united "The money received from the VA Funding Fee is used to offset the few loans that go into default, and further reduces the cost to taxpayers, ensuring the VA Home Loan program continues for future generations.

Ensure that you have enough equity up-front and that rents will cover your costs and generate positive cash-flow.

I would like to know how to work them efficiently. 

Hi BP,As I start to acquire more and more properties, the efficiency of my records of expenses/income/ROI is getting complicated and honestly not as organized as I would like.  

Either way in that situation you make your goal.I had a lender one time tell me they underwrite 50% opex regardless of sellers numbers because if they take it back from the borrower because of default they will not be managing themselves and they also could not run it as efficiently as the previous owner who sold it to their borrower.Underwrite conservatively for standard industry practices.I don't buy anything on the if the (everything goes right) scenario because if it doesn't you are up the creek.