Aside from the waterfall, alignment for me also comes from the GP co-investing an amount that significantly above what he may get in acquisition fees.

For example, you are not allowed to co-mingle personal funds with plan funds or work on the property yourself.I think that cashing out an IRA to buy rentals is not a terrible idea if you can get decent returns in your market.

Possibly, but that Fannie/Freddie deal might only return 8% C-o-C with a 17% IRR whereas the smaller deals would probably be closer to 15% C-o-C with a 23-25% IRR.

My wife and I own 3 properties in Colorado and are considering pulling some equity to purchase an STR in the Tampa Bay Area.

I have a Colorado fourplex and met with both a city ROW agent and the project engineer at the property as they need to replace a 60 year old street drainage pipe that runs along the easement at the east edge of the property.

I invest and co-host in Dallas, TX using the MTR strategy.

It is clear from the interview that their main skill set is raising money and they partner with other "Co-GPs" who focus on the operations. 

Here is a list of Construction, Rehabbing & Generic PM softwares that may be a good solution:Construction, Remodeling & House Flipping Specific PM Softwares BuilderTrend/Co-Construct - Home building project management software specifically built for custom home builders.

They would offer more of a co-hosting coaching but dabble in rental arbitrage too.

OR Talk with a property management team that specializes in Padsplit / Co-living and they can give you some more realistic numbers to go with when it comes to occurancy % and cost!