Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

When I said size doesn't matter as much I meant for STR you don't need massive rooms, larger common areas, etc.If you went MTR you might go further away from RTP and go for higher bedroom count, for less appreciation on average.NOTHING about this post is gospel.

So when I hear other investors talking about how adding ADU's adds equity, you're telling me this isn't really a common experience?

It also makes me wonder how many other issues I just haven't noticed yet will come to haunt me.  

I also noticed you left out an option to park that money in index funds and let it grow.

@Hai Le - Usually you have to provide written notice / 30 day notice if you decide to not renew their lease or even just asking a tenant to leave.

I noticed some T accounting shows matching liabilities, so I'm a little confused as to whom the actual lender would be in that instance.

The mechanism would allow the property to be re-deeded to all of the LPs as tenants in common. 

Basically common contract or agreement law.

So a room used for laundry that is 100 sq ft (quite common) costs the owner about $72,000 over the course of a decade (in today's dollars).