If I were the neighbor, it sounds like I'd be the only one bringing money to the table so you could get something you want.

Private money and personal funds.

That likely means that they are not good with money management which you are likely expecting from him.To answer your question, if you are doing long-term rentals, the LLC taxed as a partnership is likely the go to route.Best of luck.  

There is definitely more too it than just the money that goes in.

By using the BRRRR strategy, you only need to put down money once.

We rarely have issues, but it seems like such a small investment in time and money to take one day to verify. 

The interest that it does accrue is money you don't lose, but rather it does go back into your investments. 

Every day I mark how many calls to leads I made, how many people I contacted (and was it email, call, text) from my database/past clients....how many social media posts I answered or made, etc.I don't know if that's automating, but every week I can quickly see how much of each money generating thing I did.Do you use Google Calendar? 

Can you use the money and get a better return?

Don't attempt to figure things out on your own or act as a GC or PM when you are using other people's money.