anyone done a JV with a property manager as a partner?

[Mark Ormerod]

hi BP,

Looking for anyone with experience in joint venturing with a property manager as a partner in the rental?

I have found a potentially good property manager for some low income rentals. Problem is that he only manages 10 doors, mainly his own, part-time. And as we know, there is not a lot of money in just managing until you get some economy of scale. 

So one possibility I was considering was some deal whereby I supply initial capital and he can earn his share of the equity through the property management fees and I essentially become the hard money lender for his share. Once we are at 50/50 equity,  we both pay 50% of the property management fee, and I've gotten say 9% return on the hard money.

it would have the added benefit of more closely aligning our interests.

so, anyone done a deal like that? Even better, anyone with an existing contract structure I could modify? 

Thanks! Mark