There are many nuggets of info and great questions to ask operators as you're evaluating a deal and their underwriting.

Come even the slightest ripple (an increase in property insurance, an unexpected repair, etc.) and suddenly you're drowning in a sea of negative cash flow.Also, are you including both professional property management and vacancy in your operating expenses?

They operate in La La LandHow to make and stick to a rehab budget.

Besides certain reporting requirements being spelled out in the Operating Agreement, a lot will depend on the type of offering that was made when investors were given the opportunity to invest.  

Is this a Capital expenditure or an operating expense?

Alcove is another company that is similar to PadSplit but I'm not sure if they operate in your market.

P.S I even considered seeing if a sober  living operator wanted to use the building. 

But I also have one worth $375k that I operate as a STR. 

You can place the home into an LLC that is controlled by both of you after closing for most lenders and come up with terms and an operating agreement post closing. 

While we knew that all hard money lenders are not created equal, and some could be good….we knew from our own experience that using hard money could cause a deal to fall apart by making the process less seamless than we needed it to be.What ensued was a month-long nightmare that tested our patience and threatened to derail everything we had worked for.The lender moved at a snail’s pace, bogging us down with endless requests for additional walkthroughs, appraisals, and paperwork.