As I addressed in another discussion, most money in real estate is made by long term appreciation and by improving, repositioning, and stabilizing the property, NOT thru purchasing at a discounted price.  

The title attorney involved had open communication with all parties on this and an addendum was added to the contract stating this.   

If an early buyout opportunity arises, I’m happy to secure a solid return for all involved.

Offer to intern, find a way to get involved.3rd - If you find a deal, you can then find financing! 

You must know something about it already, since you got involved in it. 

However I am struggling to understand and evaluate the risks involved with cash out refinancing 2-5 years down the line.

While the traditional approach involves buying a multi family property, living in one unit and renting out the other - with rising prices and interest rates; others have considered renting out bedrooms as unit spaces. 

For your first question, writing a scope of work (SOW) involves detailing all the tasks and materials needed for your project.

Undoubtedly, the biggest regret is getting involved in the short-term rental market.

There is less risk involved in the cheaper properties .