If values of real properties continue their long term increases, then owning more property even if it means having paid higher prices will turn out to be a winning strategy, provided the buyer is able to maintain ownership through periods of possible negative cash flow and or refinancing necessity. 

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

How much is fair?

Only those that legally existed prior to new Codes can be maintained, replaced, etc.

Both options you’re considering have their pros and cons.Converting your garage into a studio would give you a fairly quick ROI with the potential for passive income.

I’m considering traditional lenders, but open to creative options.If I were to bring on an equity partner, what’s a fair and motivating structure for both sides?

Everything else is fair game. 

I own land and a fairly new mobile home in Henderson Co.

Fair enough, thank you!

After minor renovations to enhance its appeal, it has consistently performed well on the short-term rental market, particularly on Airbnb, where it maintains a high 90% occupancy rate.