That's a terrible idea.He should either install a smart thermostat that allows him to set limits, or he should remove her from the property.

Does anyone know if this individual needs to be a W2 or can I hire on a 1099?

Whether you've lent money for an individual project, or you've invested in some sort of fund / group, I'd like to hear about your experience! 

The out of the box strategies and set ups sold will never replace customized AP/Tax strategies based on individualized circumstances. 

I don't think the typical sub-to deal would lead to equity skimming because they are likely close to foreclosure and there isn't enough time to rent the unit back out and make money allowing the unit to go to foreclosure.

I am not an expert here but my thought is that you would learn a lot by getting your license and have more credibility in the industry at large so if your time and finances allow- get that license:)

You will have two separate K-1s as you are each individual owners.  

The mechanism would allow the property to be re-deeded to all of the LPs as tenants in common. 

They allow you to include up to 6 months of rent payments in the loan if you are unable to occupy the premises during the renovation.Just to be complete, it's also worth mentioning that both the VA and USDA have renovation loans.

This will allow you to take on bigger deals with your cash on hand.LTC is a ratio with the potential to limit your loan amount.