He said the return is pretty good percentage wise, and since it is a "condo" he personally doesn't have to worry about repairs.

When Joyce was showing me homes to buy she would look at people's personal items in there cabinets and closets many times.

Too many people chase returns and do not research the offering or risk - for me personally, I think this offering was a very bad investment thesis and am not surprised by the outcome - but I also think STR's and MTR's are dumb as well - so its not a knock on one person or one business model.

Since LLCs are pass-through entities, the income/losses flow through to your personal return (also on Schedule E) via the K-1. 

All are current on preferred returns and I’ve had one liquidity event ahead of schedule.

It is very common for the typical bank mortgage person to make this mistake. 

In our experience, Remote Investing requires finding a PMC that takes the time to understand an owner's expectations and discusses if & how they can be met.A common problem is a percentage of Remote Investors expecting their PMC to be a personal assistant.

The reason I am explore this is because the current investors would have a higher IRR (internal rate of return) if I leveraged their cash and brought back a higher returns. 

Instead, it files a Partnership Tax Return (Form 1065).- The profits are then “passed through” to you and your partner.

Personally, I believe it's preferable to have stricter requirements and wait for a qualified tenant.