Don,  occasionally I will go to one of the guru set up meetings here in PDX which are usually a local hotel room 5 minutes from my house.

Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

normally there would be a balloon payment set up for some time period.  

I would like to avoid providing keys to the tenants and just have them setup and control the codes for access.

And represents all furnishing & set up costs lumped together.

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Your LP’s will need to be informed they are behind a hard money lender, what those terms are and the risk involved with being behind that hard money lenderDepending on the lender they could require you or one of the LP’s to also personally guarantee the loan.In most states if you have more than one LP then you would need to register the offering with the sec (most likely as an exemption) but docs and setup would probably be $10k.Can it be done yes, is it typically done for a deal under $1-$5M, typically no

So, your prediction that there would be at least $20k more if everything is included should be accurate.The reason for choosing a JADU is that converting the garage into an ADU would require a separate laundry setup and an additional electrical panel in the main house, which would increase the renovation costs for the main house itself.

To much money left over-  so you set up your trust and have money designated for donations, have your lifestyle covered, no kids, no spouse.  

Lastly, set up your property as tenant proof as possible.