For active investing it is also helpful to have some type of advantage that sets you apart from other investors - that could be construction or rehab skills, market knowledge or anything else that gives you an edge.I was an active investor and didn't really have any of those skills.  

If I were down there I would think about setting up a food truck or 10 or 20 and serving breakfast burritos 24 hours a day with some good hot coffee.Just my 2 cents.

Say a "partner" comes in and it's say the unit is set, rent stabilized with a 3yr term. 

So far, I’ve worked on automating things like tracking expenses, sending out emails, and setting reminders for important deadlines.I’m wondering if anyone has any other suggestions for tasks I should look into automating to save time and streamline my workflow?

In my area these are rare so they are difficult to set market rent, and I imagine get a lot of wear and tear with a lot of occupants living there. 

It’s a great way to add value to a property without putting a ton of money upfront, and it can set you up for financial success in the long run.Has anyone else done a similar renovation project or used a gift of equity in their deals?

Glad you are setting aside money, but if the HVAC is 20 years old, or the septic system has never been pumped, or the roof is 25 years old, etc; you will get hit with a cost before your build up enough set aside.How stable is the other tenant? 

Thought I could set up an SDIRA and use this to get started.

If you move your expectations to keeping some money in, but refinancing out as much as you can then you'll be set up to not be let down from the jump.

Chalet is a great resource for getting set up with a STR team.