That's why we are here on BP, to gain insight and recommendations from seasoned investors.

If this is a securities offering (with passive investors contributing funds), then the "issuer" of the securities has an obligation to inform prospective investors of all material facts necessary to make informed consent prior to making their investment decision.

Plus after the 2 years, you avoid capital gains tax on the profit under $500k and get the ability to use your VA loan for your next primary residence. 

I suggest living for two years to avoid capital gains if you sell within two years of moving out.

This makes is more passive in most cases.You can also privately lend on RE deals.

The old saying of buying the ugliest in a great location fits this property, but after reading other posts I know there will probably be difficulties with gaining clear title from an Upset Sale in any sort of timely manner.  

Once you gained experience vetting guests you could try BDC but your prices need to higher than your Airbnb prices and you be very careful as the platform has tons of scammers looking to prey on unsuspecting newer hosts.

I gaining traction in the Architecture portion of development for all three areas you mentioned however, typically on lots that are already established and/or infill development in urban landscapes.

My goal is to generate some passive income.

Grab a copy of my book Lend to Live: Earn Hassle-free Passive Income in Real Estate with Private Money Lending.