Not all that complicated, really. 

It is complicated because these investments are long-term, illiquid and completely out of your control.  

Land development can seem complicated, but breaking it down step by step makes it much easier to manage.

@Joel Bayer- I stopped using the BRRRR calculator a while ago because it doesn't handle complicated financing scenarios like this well. 

Frankly I think too many people try and "automate" everything with technology that they complicate things so much that it is hard to manage.Remember you will get older folks staying and they might not want to try and use a tablet.I agree with Michael. 

You're essentially buying into a partnership with your friend with the partnership owning and operating the property.Now, the financial side of that gets more complicated and would generally include an advanced proforma/financial model that includes a GP/LP equity waterfall schedule that is based on how you and your friend agree that you will pay her and also share the profits.I assume that won't make sense to you right now, but I'll send you a DM.

How many folks with complicated entity structures sign contracts containing broad obligations to indemnify and hold harmless don’t even read the language because “it is standard”.

It certainly complicates an easy concept....

The reason I do this complicated interview process is because you want someone that knows what they are doing.

My full-time gig is to invest in income-producing websites (digital real estate) and I'm working backwards to first increase the authority of my website to then eventually rank organically in Google.Given my experience building sites, I personally don't think SEO is as complicated as any agency makes it out to be.