As you alluded to, sometimes a passive note investment purchased for monthly payments “goes south”, and becomes an active participation investment, with plenty of additional capital required for legal fees, forced place insurance, and property taxes.  

Another thing to add is the regulations, HOAs and Cities are imposing a lot of regulation on short-term rentals or rent by a room, I have seen some HOAs regulate the amount of people authorized to rent the property too.It requires to do a lot of due dilligence to begin with mainly in such big house. 

Long story short, I have no primary home and the property the guesthouse is being built on is a LLC with 3 years remaining of 20k PPP.

Your ability to turn around a property with an 11% cap rate is a pretty strong selling point.

I am located in the Dallas-Fort Worth metroplex and looking to acquire multi-family properties.

And the hardest part of all this is finding sufficient labor to rehab/manage the property. 

I just think for me $15000 would have been better spent on a down payment on a property.

I am planning to offer an equity position to a friend in a property I am currently in the process of refinancing.

i understand a true duplex might be a lot more expensive, but i think it's at least worth continuing to research and keeping an eye on.and sticking to my original point, OOS can be tough. 

After 8 years or so, you've got three or four properties and the world opens up to you at that point.