If Airbnb is an option for your spare bedroom then that's great, personally when I first started I didn't want to have to deal with the in and outs of people and also making my place aesthetic enough that it would rank well on Airbnb so I went straight to long term rentals but if you want to dip your toe in the water it could be a good option if shorter term tenants make you more comfortable. 

I would like to increase my cashflow by about $5000 extra a month.

Second, raising millions of dollars of extra equity upfront so that you can then redistribute it back to investors and claim 5% distributions, is fraud.

These extra expenses will probably scare them away.  

A good custodian will be there to support you and provide education every step of the way; you may find you don't even really have the need for checkbook control (also a good option to ensure you're being extra careful following prohibited transaction rules).

Any extra advice on other considerations would be greatly appreciated!

For sophisticated sellers with highly marketed deals, invest extra time in thorough due diligence.Next, assess the property's condition and estimate renovation costs.

I keep plenty of extra cash reserves to pay for repairs and maintenance.

This compensates you for any potential extra vacancy time during an off-season turnover.

But from a practical standpoint, even 8 adults would exceed fridge capacity, create bathroom bottlenecks, parking problems and put extra wear on the property.