I've only invested in the Madison market and agree with everyone on here, the MLS market is insanely overpriced for investors.Where I have seen a large distinction is between the ROI from 2-4 units properties and 8+ unit properties.

However I distinctly recall Don R Campbell (one prolific Canadian RE author I’ve read almost every book from) stating that joint venture deals almost never fall into securities domain so long as you don’t do certain things or agree to certain things.I’m not sure I see eye to eye with you on a joint venture deal crossing the threshold into securities.

You have a distinct disadvantage in that you are really young... almost to the point I would advise to check on what the legal age is to be able to sign a real estate contract in your state?!  

I've pulled my own permits in the past and I am not aware of a distinction between homeowners pulling permits vs HIC pulling permits.

Since you don't have any equivalent (AFAIK) that distinction may not exist.

I leave food and temp shelter well away from the home now, lesson learned.Now, I don't know much about removing cat urine, but when i moved to my apt, the former owner had let their dog pee and crap in the garage (bare, unsealed concrete) so It took me taking a whole gallon of scented bleach, a scrub brush, and lungs of iron, to scrub the smell out.Curious as to how you will resolve this...

All of a sudden, that cash flow they’ve created is now needed to support new spending habits—and its not helping grow their business or portfolio.We set up new accounts at a separate bank from our personal accounts to keep a clear distinction between the two, and eliminate the temptation of spending money from the rentals.

Period.That being said, @Gino Barbaro actually pointed out a very valuable distinction between Market Appreciation and Forced Appreciation.

I remember seeing this deal on the MLS (if memory serves me, it had a high days on market and a distinctive look!)

A very important wrinkle for SFRs (single family residences) is that buyers are primarily NOT investors, but homebuyers (stark distinction with commercial and multifamily).