@Garrett F Anderson I can't stress enough how important it is to walk every house you can, with a repair estimate sheet, looking for every issue, then going over it with a contractor (buy them lunch!)

Here are some details:Purchase Price - $885,000Down payment - $177,000 (split by four partners)Initial reserves - $23,000 (each partner brought $50K to the deal) Principal & Interest - $4,500/monthTaxes & Insurance - $2,200/month2020 gross bookings - $86,0002021 gross bookings to date, including ROY - $91,000We have never had a cash-call and now we have built up our reserve to the point that we can really invest in updating the property, or we could take the house off the market and use it ourselves and just absorb the revenue hit.

We have a very robust real estate investment group, with several breakout meetups each month, and a lunch Meetup every Friday, both in person and virtual.

I can bring the rehab money to the table, but rather than just give a loan for interest, I'd rather partner and split profits in the end.Thoughts on a fair profit split?

Or splitting closing costs?

@Jay Hinrichs I have lunch with 6-10 fellow investors every Wednesday.  

Does that equity get split to the investor?

Then we would split the development costs and both be in 50/50.

@Dell Schlabach  Beautiful work, even if it was a split entry

I am in the process of converting our home to STR for 24 months to qualify for a future 1031 exchange. The house is in CA. I also have plans to convert a detached garage to ADU. My plan is to have home on STR with ADU...