Most lenders will vary how aggressive they will get based on the experience of the operator (you), but I don't know any that will lender to someone who's never done a spec build like you're contemplating.

Opening a new fund or operating company and not reporting on the old fund’s results3.

In this case, you would draft an operating agreement that specifies each partner's role—your friend providing the cash and you handling the rehab and management—and that profits and ownership are split evenly.

I operate 14 properties from the same checking account.

LPs vet the operator first, not the deal.

You could form an LLC and have the operating agreement that allows your boss to require you to purchase his membership interest (or allow you to purchase his) in a given time frame.

This is how our bookkeeping Clients operate and it works.I've heard good things about Rentredi and Rentastic for PM.

And many hotels don't have 24 hour desks or 24 hour service.I don't get why all these newer regulations expect STRs to operate to standards that aren't even required of hotels with full-time staffs. 

Some numbers:Expected 2026 income after raising rents to market value and assuming 7% vacancy: $144k.Expenses: $14k property management, $18k property tax, $10k insurance, $10k utilities, $8k in repairs/maintenance/advertising/admin/etc: Total operating expenses: $60kNOI: $84kBased on 6% cap rate that brings the valuation to only $1.4m, or $1.5m based on 5.5% cap rate.

It's the lenders who usually require that the property is listed under an entity, depending on the state that they operate on.