(I know it's hard without seeing the full rent roll and financials, let me know if there's any other general details you'd need that would make you this "oh, that's why they offered that" kind of thing). 

This area and all the house band needs to be invasively inspected by a licensed general contractor to locate and repair the source of the moisture and any decayed woodThe crawl space had evidence of high moisture levels in the form of mold growth and some fungal activity.

So some grey area on what you may find reasonable and what perhaps some hopeful tenants find reasonable and be sure to not violate any fair housing law in setting occupancy standards, but I generally think most renters are reasonable on if 3 adults, they are looking for a 2 or 3 bed rental and not a studio.

The only thing I don’t understand is why the OP, with millions of dollars at stake, asks investors on a general real estate forum for answers to specific legal questions instead of asking an attorney specializing in mortgage law. 

What financial or general advice would you give to someone just starting? 

Generally speaking (I dont have any details about your situation), househacking is the best way in for people getting started.

Section 179 of the Internal Revenue Code allows businesses to deduct the full purchase price of qualifying equipment and software up to an annual limit.In 2024, for example, taxpayers can expense up to $1,220,000 of qualified assets.This election can apply to many types of tangible personal property, such as machinery, equipment, and off-the-shelf software, which are used predominantly in your business.Limits on Section 179 ExpensingAs attractive as Section 179 may seem, there are limits.For tax year 2024, the maximum investment limit is set at $3,050,000.If your business places more than this amount in service, the amount you can expense is reduced dollar-for-dollar over this threshold.In addition to the dollar and investment limits, the amount of your Section 179 deduction cannot exceed your taxable business income for the year.This means that even if your business invests heavily in qualified property, the deduction could be limited by the business’s profitability.Also, not all property qualifies for Section 179.Real property, like buildings and structural components, generally does not qualify unless it is "qualified improvement property."

I have partners on a few of my properties, and generally it has worked well for me. 

As a general rule, each entity that files a separate tax return (partnership, s-corp, c-corp, etc) will need its own QBO subscription.

Can't speak to the organization in Michigan but generally the benefits of a well run STRA far outweigh the costs.I am a property manager in Hawaii so we are constantly being hit with new anti-STR legislation and have a large, well-funded hotel lobby to deal with constantly.