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

I believe this is very common among funds and syndicators.

I have about $100k in capital reserves and can leverage the 2 properties for additional capital, as needed.

Because of the additional income I am producing through the consulting business, I am afforded the opportunity to invest money in real estate.  

Additionally, many states offer property tax exemptions, significantly reducing expenses.

That is an additional savings. 4.

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.

And while that number varies somewhat, the most common number of different issues that minimizes risk is 21.  

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.