Great replies here, and thank you for sharing examples of what you have or have not done as a private landlord.I do think there is a time and place to offer concessions, just not for people like you and me that are owning/managing portfolios smaller than an apartment complex with 100's of units.

The two most common exemptions are the exemption for intrastate offerings and the exemption for private placements.  

@Tawney HillDid either of you continue conversation with Avantstay or find out more info about how they work? 

I private messaged you. 

I pay about $2500 a year for each of my partnership returns with my CPA regardless of whether it’s a $1M deal or a $5M deal.I would save the partnership conversation for if and when you are doing much bigger deals.

I'm in a number of social groups for private lenders and have run into a lot of scams.

I have yet to have a guest ask for a refill or mention the quality (I tried to pick a nice-looking, not-too-expensive brand).Be careful with the scents -- I had a run of people pulling out and hiding the scents and one or two people complained that they were scent-sensitive in private notes. 

I should have elaborated in how the utilities are handled.Septic is the only private utility, and thus is my responsibility.

I put 20% down using personal and private lending.How did you add value to the deal?

The other way I fund deals with none of my own money is using a private lender that I have years of experience and relationship with and/or using HELOC and other business lines of credit.