Cash-flow is for "keeping the lights on" as in covering operational expenses to defend against any need for additional capital investment. 

None were a match for me personally and many were not a strategy I wanted or too speculative (such as opportunistic strategy which is the riskiest strategy or investing in tertiary markets which also tend to be the first to go belly up when there is trouble etc).You probably actually want to look at your operating agreement to see what rights you have to books and records, etc. 

These operators totally bungled the deal and operation but still made money due to the market.2.

Deduct mortgage interest, property taxes, travel, and operational expenses.

LLC in the state of operating?

You're talking about programs generally run by the government as the operator of last resort because no one else can make enough money to make it make sense.

In this case, you would draft an operating agreement that specifies each partner's role—your friend providing the cash and you handling the rehab and management—and that profits and ownership are split evenly.

And there are some great multifamily operators out there and then there are others.

It's important to understand the zoning/code requirements and obtain all necessary permitting if you intend on operating your real estate as STR anywhere in the country.

Airbnb operates as an interest-based algorithm, rewarding listings that grab attention and keep potential guests clicking.