We want to detail the responsibilities, capital contributions, profit and lost sharing percentages, decision-making process, have dispute resolution methods, and exist strategies.

Got a statement every month from a very reputable, conservative firm.

While this isn't a hard and fast rule, more often then not, these are the guys that can't manage their schedules well, and will be gung-ho on your job for a couple weeks, then be flaking out as they picked up too much work and are trying to keep too many homeowners happy.And lastly, the more detail you have the better the bid will be with few change orders.  

The biggest detail is look for a nationwide bank that is full delegated with little to No overlays.

You and this private person you met hammer out the details of the loan at the kitchen table so to speak and you seal it with a handshake and your reputation that this Private Person already respects or whomever introduced has vouched for you.But if a man opens a lending company tomorrow with 50 Million of his own capital and he checks in on the HML market to see what it bears and he copies his products and UW guidelines and now is he PML or HML? 

Are their listings detailed with good-quality photos?

The website works to connect STR owner/operators with reputable cleaners in the area you're located.

So obviously many of the LPs appear to make these investments not really knowing much detail..

This does not screw seller and will not hurt your local reputation but i would expect losses ~10% ($50k) or higher.I am established and my reputation may be worth the more costly option.  

What is their reputation with the IRS?