We've already put together an LLA, and found a generic operating agreement online.

@Larry Caper if your goal is to do your own deals and you do not want to expose your investors to other operators then you need to create a fund of funds.

.  --- and... these issues become issues for the other Tenant and then turns you into the constant 'utility police' because you constantly have to monitor # of occupants... eww. 50/50 is simple and simply understood and 100% while vacant is also simply understood.

Your raise happens to be on the lower end of where such firms operate but certainly a plausible option assuming the investment thesis is sound & the GP checks out. 

We are currently in the final stages of an AI driven software that is going to essentially allow us to manage co-living properties effectively, without any of the staff or operations typically needed by rental properties.

I'd keep it simple to start.

For new prospective investors who have more money than time, I think this might be a better first investment than trying to be an out-of-state landlord.You do all of your vetting upfront—of the operator, the asset, the loan, and the area.

Do you guys operate in North Carolina?

@Ryan Kline You either have a balance sheet we all envy or you are an individual who has no confidence in their ability to be a good real estate operator.

But if you are going to make a comment insinuating this, please look up his name and operation (CLE Prime Homes), call him, ask him about his transparent experience (as he is still an active client), and report back to the thread on what he says!