That being said, I will preface this with the fact that I have a legal background, specifically with estate planning and asset protection as it relates to real estate.

Good HML's in ground up or rehab will provide a very easy/handy way to request and distribute draws using something like Built, which we use and it gives our borrowers and our team a single source of truth for all things draw-related. 

In either case, since the husband and wife are joint owners of the LLC, tax information related to the LLC can be discussed with either spouse.Where spouses are the only owners of an unincorporated business entity and hold their interests as community property under state law, they may choose between partnership or DE status. 

Use STR-specific insurance to protect both parties and automate operations with platforms like Airbnb, TurnoverBnB, and PriceLabs.Taxable income from the STR must be reported, but you can deduct related expenses like cleaning, utilities, and furnishings.

I can definitely relate to wanting to live on a remote ranch!

The 2nd person really liked the house and even mentioned how nice the rehab was, relative to comparables they have seen.

I can relate brother. 

Interesting, I am an active investor, we also have a team and ask OOS clients almost the opposite: we require them to come to Milwaukee and check out some neighborhoods and houses together in order to make sure we are on the same page.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

These people can be relatives, friends, coworkers, friends of friends, and business associates.