I also think there is a decent use case for people with more capital that want to diversify their risk, but also want to select individual properties.

I even named them the #3 non-seasonal market in the US today in our BiggerStays weekly newsletter here based on numerous metrics.

I wouldn't call that a true "DSCR Loan" - especially considering that a ground-up construction property won't have any cash flow so DSCR would be negative or 0 numerator if you'd try to calculate it

If they were separately metered, each tenant would pay the $116.50 base fees and their individual use, which would be 3x higher than what they pay when sharing a meter.There are many options, but don't make it more complicated than it needs to be.

If a cash out refinance, many lenders will allow the cash out to satisfy the reserves requirement.DSCR lenders generally let you vest either individually or as an LLC.

Long term rentals are unattractive in CA imo especially since you can earn a lot more with different rental strategies even doing mid term rentals will still probably be more profitable than doing a long term rental.As far as hiring a contractor or bringing in subs for each item that will come down to how much you want to be involved, you'll save money finding and subbing out individual jobs but it will take you longer and you will need to manage everyone you hire and contract to do business with whereas a contractor will manage all that for you but there will be a premium put onto the price obviously for that. 

Essentially their model is to take a 3/4 bedroom SFH, put flex wall it to 6 tenants and rent out each room individually.

I’m here to learn, grow, and connect with like-minded individuals who can help guide me along the way.I’ve been fortunate to build great networks so far, but I know there’s so much more to discover in the beautiful world of real estate.

As for the 1031, while you as an individual LP cannot 1031, some syndicators will allow the syndication to 1031 from one controlled deal to another.  

'Owning' land for foreign individuals is not possible.