These often include a preferred return for the investors and then a pre-determined cash flow distribution schedule between the sponsor and investors that includes the cash flow distribution waterfall based on either the IRR or EMx and possibly a GP Promote. 

Also, the sooner you can plug in actual numbers rather than projected, the sooner you can determine whether specific deals work or not.

This is where good tax planning really pays off—not only can it help you maximize these benefits and reduce your tax bill, but it can also help determine if paying for cost segregation is even worth it for your individual tax situation.

Buying multifamily is not about what the seller did but understanding what you can do and how much it will cost you do to it, then determining if the financial reward is worth the effort to undertake it.  

Determine how much money would be needed to handle each risk, and determine if you have sufficient liquidity / cash flow to ensure you can “stay in the game”.This is of course in addition to all normal “due diligence”, financial forecasting, etc. 

@Kyle SouzaDepending on the capital you are trying to borrower will determine how you may qualify. 

If this is your dream retirement place, perhaps you use the LTR to simply subsidize your purchase even if it's not fully cash-flow positive. 

I was simply answering the question based on if you do use carpet what is a good color?

I would determine what the overall look and feel for the STR is going to be and let that dictate what you do.

Laundry line was never connected to anything, it simply dumps onto the ground underneath the house.