.: Two things to consider: factoring in risk and opportunity cost. 

Or are you planning to put 100% of the risk/cost of vacancies, furnishings and tenant nonpayment on the owner with you having 0% risk?

My thought behind it was to simply get rid of debt and take on less risk  sure, if you are deleveraging across the board but if you are going to turn around and buy a new property with leverage that does not make sense. 

Recognize if you are relying on non enforcement of rules, you are taking on a risk (investing is largely about calculated risks).Enforcement may vary by location but should not. 

TIC offers lower entry costs and flexibility but comes with shared risks and complexities.

That literally makes no sense.Who is at risk of any harm for str's?

Someone contacted me about setting up a Wyoming Trust and said I was ask risk...."

@Alex Mull as some with experience in both turnkey and all-in active investing, I can tell you the biggest advantage is saving, time, hassle, and some full-service turnkey companies mitigate your risk by doing the upfront renovations and placing qualified residents while the company still owns the house.

Otherwise, it’s treated as a partnership requiring Form 1065.Get an EIN (Employer Identification Number) from the IRS (free) for tax and banking purposes.Separate personal and business finances by opening an LLC bank account and keeping rental income/expenses distinct.Consider an operating agreement, even if not required by state law, to define ownership and responsibilities.Liability protection: An LLC helps shield personal assets, but you may still need landlord insurance and an umbrella policy to cover lawsuits and unexpected claims.Tax strategy: Rental income typically passes through to your personal return (Schedule E).

If you use cash flow - it's more safe imo and debt leverage is risk but reward if you execute on a value add project.