Not sure if you’re closer to Randolph, Lackland or Ft Sam Houston but this also plays into account on what rental amount you should look to achieve.

This was a little labor intensive but worked to get the relationship off the ground.  

As it is when money is at play.

It can be more capital intensive up front and take a little more time than a traditional BRRRR but it gets you started.  

Since COVID, the demand for cash actually increased, so this is a recession resistant play.

And in part, it depends on the investors and capital that you have access to (this tends to play a factor in many decisions when raising outside capital).If you do want to go the fund route, you might want to consider using Avestor. 

Role-playing.     . you paid $300k 10 years ago, it’s worth $660k, (so when you sell you net $600k to make math easy.)and your cpa determined that you owned zero land, so it’s all depreciatable. you owe 15% on the $300k gain plus 25% tax on $109k depreciation recapture, so you owe $70k in federal taxes, then California reaches out for another $30k?  

I very much have a long term play and "don't care" about the cash flow immediately, but obviously I don't want them to negative. 

The property cash flows and I could definitely see each investor making at least $1000/mo with the most hands-off approach of renting to an operator and much more if a person ran it as STR or LTR and it is a great diversification play for me as Costa Rica should see much better appreciation than the Midwest, but if I were to cash out I could see five times the cash flow because of the power of leverage.But I think you hit the nail on the head in saying that it is a lifestyle type of investment.  

Your property manager will play a key role in this team, helping you maximize occupancy, maintain the property, and ensure tenant satisfaction.