I think you should start by understanding what it is your investors want out of the deal, analyze how the returns compare to traditional investments, and then see where you fit into this deal. 

I am trying to find an alternative model I might present to folks I know that inherit properties beyond the traditional sell it, or LTR it, without renovation for less money?  

In contrast, a traditional TN LLC may face challenges due to limited charging order protection, potentially making it less secure against creditor actions.To address these concerns, some investors use a two-tier structure where a TN LLC—holding the property—is owned by a Wyoming holding LLC, benefiting from stronger asset protection laws.

Traditionally I rented my apts. usually to families or roommates. 

Some options that might be viable for you include: Private Lenders – Such investors usually offer short-term lending but provide greater flexibility compared to a traditional hard money lender.Lines of Credit – Another alternative could be an excellent option to finance several deals at once using a business line of credit or HELOC (if it applies).

The rate will be higher, but if conventional financing and traditional DSCR financing is not working out, this option is available. 

Much less paperwork involved with a DSCR compared to a traditional mortgage if you're familiar with that process!

When I had my traditional HML company and 100% of our funds were investors

Co-living is seen as a non-financial tool to encourage deeply affordable units, serving as transitional housing along the housing continuum.A study by Gensler and The Pew Charitable Trusts highlighted that adaptive-reuse co-living spaces could offer more affordable housing solutions compared to traditional studio apartments.

If not, you could always maintain 2 separate IRA accounts, one self-directed for private lending, and then another for your traditional investing.