One of my quotes is the goal is obtaining return not owning units. 

I've had several instances when a seller came back to me years later and asked for some "help" with their old subject-to loan when obtaining new house or car financing. 

So, we obtain a full credit report and review collections, chargeoffs, age of credit accounts, active accounts, etc. to build an overall credit evaluation.FICO ScorePct of PopulationDefault Probability800 or more13.00%1.00%750-79927.00%1.00%700-74918.00%4.40%650-69915.00%8.90%600-64912.00%15.80%550-5998.00%22.50%500-5495.00%28.40%Less than 4992.00%41.00%Source: Fair Isaac CompanyPublic RecordsWe also obtain data from national databases about evictions, convictions and sex-offender histories.

So you obtain 25% equity for 12% (or ~$37k sweat value earned in your case).  

Permits: Clarify who is responsible for obtaining necessary permits!

Modular building is a good solution but there are nuances for obtaining ROI.

You can specify blackout dates when the property is not available for rent if you wish to use it personally during certain times of the year.Legal and Regulatory Compliance: The management firm will ensure that the property complies with local laws and regulations concerning rental properties, including obtaining any necessary permits and adhering to zoning laws.Maintenance and Repairs: Property management firms often take care of routine maintenance and emergency repairs, ensuring the property is well-maintained and ready for tenants or guests.This arrangement allows you to enjoy your second home for part of the year and generate rental income when you're not using it, with minimal effort on your part.

Occasionally this presents investors with an opportunity to avoid a formal mortgage qualification process and obtain their mortgage privately from the seller(s) directly.

My gut tells me I need my own liability protection--I'm in business with Airbnb but don't exactly fully trust them--but like I said, it's difficult and expensive to obtain.

note after this period you can still get out if you cannot obtain the financing (assuming you kept in the finance contingency). 2) inspectors will inspect but not usually provide accurate cost.