Which is true but I worry it’ll be for less than a year since I have to move to Austin eventually (assuming covid will calm down around July 2021) For all the wise ones in this community, is there any truth to his statements or is he smoking crack?

You can also set up a waterfall structure in which you provide preferred return, then return of capital to investors, then by member % up to their unreturned contribution, and then a 60/10/30 split between members.  

For bank originated notes that have gone through the waterfall of hedge funds or private equity funds it could be missing collateral docs. 

I find that good Section 8 tenants do not want to lose their assistance so you have a lot of leverage with this.Generally, I approach my tenants in a calm, professional and "let's work together" way, but also a firm and clear manner so that they know the exact terms and the consequences if they don't follow them.Good luck.

Waiting for COVID to calm down to raise the rent.

I would approach this situation in a calm and respectful manner.

My husband and I don't drink alcohol, my concern would be having a crowd or excessive alcohol consumption in a space where I like to go for peace, calm and privacy (it's like a mini getaway).The market: A residential lease comparable to my property could go for $750 unfurnished, off street parking, no laundry on site, no wifi, water included, tenant paying electric and gas. 

It depends on how a deal is set up and what the waterfalls are. 

Some examples are we added more cans, upgraded fixtures (lighting and plumbing), quartz instead of granite tops, added 1.5 bathrooms, added 2 fire places, added a waterfall for the pool, upgraded from carpet to wood flooring everywhere, added the theater (theater alone was $17K), etc.

Equity waterfall and the preferred return hurdle would depend on the deal as well.