I would think you have to have a very specific audience to go for this type of investment and pre-existing trust is at the top of the list. 

We want to detail the responsibilities, capital contributions, profit and lost sharing percentages, decision-making process, have dispute resolution methods, and exist strategies.

In the first 10 days listed on Airbnb, the STR rental revenue booked covered the entire mortgage.Lessons learned?

If your property manager is not listed as an additional insured, they may not be covered under your policy in the event of an incident on your property, leaving both of you potentially exposed to liability.It can save you money.If your property manager is not added to your insurance policy as an additional insured, they may be forced to purchase their insurance policy to protect themselves.

Umbrella Policies are good, but they are not an asset protection tool, they only cover litigation/damages after you’re already in litigation or found personally liable.

Yeah, no pre-approval for us as well.

.- The bathroom flooring was covered in mold and needed to be replaced.- The kitchen sink was unsecured and fell into the kitchen cabinet.- My insurance was cancelled until I fixed roof issues.- Debris littered the recently occupied unit, the basement, and all over the back yard.As mentioned, we had an initial video walk through before the contract to purchase.

I understand credit enhancements and additional guarantors are sometimes required but to be unable to cover escrow funds and to give away deal ownership for that service is kind of crazy but back to the main point, the real issue is when the Co-GP is not truthful about their true role or embellishes their portfolio/ unit count. 

By adopting the house-hacking method—living in one unit while renting out the others—we plan for the tenants to cover the mortgage and gain valuable property management experience.

This would make a great co-hosting opportunity without worrying about making enough to cover rent.