Once you get through move in, the day to day management is pretty hands off and easy (famous last words, but so far, so good).Other than that, get a second opinion/eye from someone you trust - preferably a professional designer - on the furnishings and design.

I wouldn't worry too much about it, if you have a competent CPA or bookkeeper they should be able to review your books and within minutes have a strong grasp on who gets a 1099 (spoiler alert, not every contractor gets one, I'll be annoyed if I get one since I'm structured as an S corporation) and the amounts to report.1099 filings are usually a loss leader for us, so if you're working with a professional make sure you take advantage of them filing everything for you.

How to execute a 1031 exchange build to suitHow to operate and self manage a co-living property Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

House Canary (Tailored for Real Estate professionals, investors and lenders needing property assessments and market forecasts) 4.

Most professionals will recommend a separate LLC for every $1 million in assets but I don't think that's necessary.

Well you received reply's from the top heavy hitters in the passive game here on BP.choosing wisely is key as noted.. real estate debt can be a great spot for the busy professional.

From my experience, to succeed in multifamily investing, focus on networking through local meetups, online forums, and professional connections, leveraging your CPA skills to analyze deals and optimize deductions.

Readers should seek professional advice. 

Networking with real estate professionals is huge, too – it opens up so many opportunities.Would you recommend starting with fix-and-flip projects or something else for someone new to private lending?

Not that that means anything good or bad :-) But if you want high quality genuine coaching about investing in Philly and at a reasonable rate, I can  connect you with a wonderfully savvy, professional investor who does coaching.