Id start with defining which markets you want to be in, then see if people here have recommendations.

A scam is defined as a dishonest scheme; a fraud.

Obviously this person would naturally have more %Regardless of what structure you guys decide on make sure it is clearly defined!

For instance, the SEC doesn't define income or net worth for non-accredited like they do for accredited. 

I was pretty naive going in and the legal components I learned may have prevented me from expensive legal issues at some point.

That in itself is a skill and a needed over head component to keep from having investors get very antsy and then take to SM because they are not getting their e mails returned that day or next .. 

That pragmatism will help you mitigate risks as you understand the different components of managing rentals   

You also will want to stick to on market properties at first because the purchase process and evaluation process (namely title and inspections) will be more defined.

The bullet in the response that is standing out to me is:"(7) The accessory dwelling shall not be a short-term residential rental, as defined by City Code section 3-2-152(a)(2), for a period exceeding 120 days per calendar year."

It is standard practice and component level depreciation is encouraged by the IRS.Though it is very important to track you time as you go along.