Be sure to start saving for your initial investment capital now also! 

Plus Joe is incredible, and even if he does pitch something, I'll take it to gain all the rest of the value from the conference.I'll be at the MFIN conference in Houston, also 98% pitch free (break out sessions are basically advertistments from the sponsors masked by value-add presentations). 

So, worst case scenario I break even on the 24k but my 7k initial investment gets 5% in which i will pull out ahead. 

They are going to make or break your initial guest experience when they walk thru the door and cause you the most grief if they are not consistent and communicative.Just remember you are basically running a mini-hotel and there are a lot more moving pieces then a standard rental to pay attention to. 

We have decided to use the BRRRR method.We are each starting with an initial contribution of $10k and splitting the profits (after all expenses and contingency funds) based on our ownership percentage, starting at 1/3rd each initially.My question is really, how do we structure the purchase of our first property such that no individual is at risk of being screwed if it all falls apart?

My guess is you initially intended to house hack and keep this once you were in a position to move to the next house hack.

HM you are looking at 8-9% with 30-50% down initially 6 months min.

I initially figured it was his mismanagement that caused him to lose the property.

So I tally all of these transfers for 2019.For syndications (round numbers), I had 1 exit in 2019 that produced ~$6K of income and ~$20K of growth on my initial capital invested.

The rule is if you purchase the property in cash with your own "source-able" cash then you can get up to 75% of appraised value UP TO what you initially purchased it for.