Paid Cash and performed a cash out refi.

If they are fine with the estimated net amount of proceeds (much like having a conversation about closing cost credits), you don't have anything to worry about.However if they want a buyer at $X because they want a fast sale, and you agree to buy it for that amount under contract and agree to close fast, you should be able to perform - be it yourself or via someone you assign to.

Are there certain metrics/performance you hold them accountable for (vacancy/turnover)?

The tax assessor's value is irrelevant in this case because they do not have an accurate assessment of the current condition, work required, or even the ARV most of the time. 

And this assumes that a very bad crash comes soon, AND you will be predict pretty accurately when to get back in the market.   

In fact, I would say the opposite is more accurate. 

A small referral fee is not worth the amount of work you would have to perform to properly analyze every investor, every flip, and every flipper...not even close. 

I can not speak to other states.Having been a probate attorney for 25 years I have cleaned up several messes performed by paralegals, Legalzoom, and inexperienced attorneys. 

When structuring a partnership like this, I would want a clear delineation of responsibilities, payments for specific performance, how to split costs when additional cash is required, and how to split equity after sale.Let's say you find an investment for $100,000.

It is in the same area as one of the others and we anticipate yearly gross earnings of 50k+ based on the performance of the other rental.