I personally believe that a better way to jump into mid term rentals is to take a course on buidling a property management company or cohosting business where you bring your skillset to the table without the intial investment into all the furniture and leases.

Now, if you haven't yet, now is the time for you to go see the situation in person.  

If it did flood though, I personally would steer clear.

Quote from @Jessie Dillon: just my 2 cents.. i'm not a fan of the syndication model. there are better ways to invest more passively where you have more of a say in what goes on, can achieve higher returns, and can have your personal interests at a higher priority. 

Questions they will have is who is the owner, what experience do they have, is their key person insurance against them etc. 

looking forward for our conversation!

Personally, I'd go with the As-Is scenario.

If the IRS has a Form 1098, they assume that the person listed on the form made the payments, and they move on. 

One-person rental units are in the highest demand, and co-living directly appeals to this market.

Private money and personal funds.