FHA does have the benefit of max seller concessions being 6% so if your realtor can negotiate for that it can really minimize your cash outlay. 

I though the benefit of having this membership structure was to cancel the subscription (eviction) without have the traditional lengthy process.

Focus on building a network of contractors for repairs, set clear boundaries for house hacking, and take advantage of tax benefits.

Some attorneys charge for every communication and any contact with your attorney that is not case related may rack up fees to you.

If you have a regarded tax entity, e.g. partnership, S Corp, C Corp, you need complete financials -- P&L and balance sheet to adequately prepare the tax returns and answer tax related questions. 

The renovation costs may include a contingency reserve and renovation-related costs.Contingency Reserves:Contingency reserves 10 % required for any unforeseen cost overruns that may occur during construction.Unused contingency reserves that were financed into the loan will be applied to the principal balance of the loan.

The stodgy that most of the investors that I work with use is to make sure that every 1-2 years they look at their portfolio and capture the equity to help grow their wealth.As a benefit for the investors that I work with we have partnered with a company that we met at BPCON that looks at this exact thing.

But we're also finding a high demand for 1 bedroom relatively inexpensive stays like studio apartments. 

Umbrella insurance is crazy cheap for the benefit, and it already requires you max out your liability on your other covered items.

This is actually something I see as a benefit because it shows that the city is interested in facilitating the growth of that industry, and it's much less likely now that they would do a 180 and try to limit usage