The only additional thing we do is send them to collections.

In addition to the interest of the loan, you'd also be paying this as well. 

Plus, we like to make it fun so there will be 2 evening events, in addition to all the daytime sessions.

You can later transfer the property to the LLC, but be aware it might trigger due-on-sale clauses or additional costs.

You will likely need to rehab for any strategy but Co-Living will be more bedroom additions which is less cost compared to kitchen and bath remodels that are more needed for furnished rentals. 

Additionally, Fannie Mae and Freddie Mac will sometimes temporarily suspend the income cap on their HomeReady and HomePossible programs, which allow purchases with 3% down.

Additionally, they should help with coordinating your home inspection and if needed, getting GCs to walk and get you an itemized bid as well!

In addition to Turbo Tenant, I would suggest that you have a local Realtor list it for rent. 

So by spending $42k I collected an additional $75k over 5 years, and then sold the furniture through a consignment store collecting $8k as my share.  

Alternatively, in addition to the per diem in § 17 (Possession) for failure of Seller to timely deliver possession of the Property after Closing occurs, Buyer may elect to treat this Contract as being in full force and effect and Buyer has the right to specific performance or damages, or both.22.