Would love any additional info and the chance to check it out! 

Your primary strategy should be to have the Contractor and all Subcontractors add you to their insurance policy as Additional Insured. 

Additionally, consider operational costs like cleaning, staffing, and marketing, as they can quickly add up.For management, outsourcing to a professional property manager or leveraging tech platforms for bookings and operations could streamline things, especially if you plan to scale.

Additionally, I expect applicants to follow instructions in the advertisement and application, to make and keep appointments, to show up on time for appointments, dress and behave appropriately at appointments, and in general demonstrate throughout the process that they are someone that is easy and pleasant to do business with.

In addition to that, platforms like HomeAdvisor or Angi are great for finding vetted professionals, and local builders associations or the Greater Beaumont Chamber of Commerce may have directories or recommendations. 

If the water bill is $100 a month, increase the price by 20% (or whatever you decide is fair) to compensate you for the time required to split and bill and to cover additional use when tenants squander the utility.

Additionally, I’d appreciate advice on pricing.

I rented out the additional bedrooms to friends and family, charging them well below market, and sold when it was time for my wife and I to start our own adventures.

I'm unsure if you would be able to combine both loans given that the HELOC is tied to a different property than the one you got traditional financing on.A work around is if you are able to purchase the new property with the HELOC at a significant enough discount, bring the property value up via renovations or additions, then refinance the property, pulling out enough money to repay the HELOC. 

Additionally in terms of a GP/ LP relationship, would preference of LPs create the same dynamic in choosing one GP/Sponsor investment over another, if all technicals and numbers are the similar between two investment?