Quote from @Rod Merriweather: Thanks everyone, Ideally I’d just like a LOC & to use my property for collateral.

For minimizing upfront costs, FHA is better; for liability protection, conventional with an LLC is ideal.

Buying a building yourself to STR is ideal, but I also know a guy in Houston that has about 200 STR units.  

Ideally avoiding capital gains tax, we've owned it for more than 5 yrs & lived there the whole time.  

Private money lending is ideal for investors prioritizing speed and flexibility, especially for time-sensitive projects like fix-and-flips or rentals.

You can always tap into HELOC for a safety net in the short term (not ideal) but there if you need it!

There is no guaranty that we will have enough money, after paying expenses, to distribute enough to pay a 12% annual return to Investors or even to return all of the invested capital.The second paragraph above "No Guaranty" to me, means that these distributions of preferred returns should not have been reported on the K-1s as "Guaranteed Payments," creating not-so-ideal tax implications for investors in the fund due to triggering self-employment taxes. 

Ideally, you should be able to see progress every couple of weeks.

Ideally, I would love to buy a multi-family property and rent it out, I would consider house hacking but I mainly want to my first property to be one that I can improve on and have it generate income for me.

Ensure that the new DSCR is higher than 1 and ideally improves your financial position compared to your current DSCR.7.