You and the other posters here have been generous in indulging me in this exercise of considering this "partnership" / BRRRR, but demonstrating that we can invest successfully on our own power before seeking out partners is not only my strong preference but just sound business logic.As a new investor my head starts to spin when I start to think about investing, and the many gaps in my knowledge reveal themselves: how to structure a partnership? 

It’s normal to feel overwhelmed at first, but just take it one step at a time.

Feeling overwhelmed is totally normal—it means you're taking this seriously.

There are multiple ways to utilize equity without paying taxes, such as cash-out refinances, HELOCs, and 1031 exchanges, making appreciation a powerful wealth-building tool.Many people lump all of California into one bucket, but it’s a massive state with many distinct markets.

If he opts for a townhouse, a low HOA fee will help his buying power It gets tricky using lease agreement income when purchasing a house so I do not think that idea will work.

This negative equity position is one of many reasons that adding ADUs in a single family zone is not typically a good RE investment.OP whatever you decide to invest in, make sure you do thorough and conservative underwriting. good luck You’re right in that the level of underwriting I presented wasn’t institutional level - but for your average person just starting out, institutional grade analysis often makes the thought of investing overwhelming.

More big name companies will join the STR industry and hosts who are not exceeding expectation will be weeded out by their money power.

They are both the same value.The power of the equity is the PV it buys. 

It’s fantastic that you’re diving into real estate investing.. especially multifamily properties, which can be a powerful way to build wealth and generate consistent cash flow.

Antelope Ridge off Powers and Barnes.