Initially, this might seem like a great idea as you can maximize rental income by renting out bedrooms kind of like college student rentals.

Thank you kindly that was helpful. 

So this is some kind of communal organization - there is a "mentor" at the top, and a bunch of "mentees" who do work for each other/for the mentor.Hopefully the asset is all in your name and your name only. 

Seller financing is also quite attractive, though I guess there are few of these kinds of deals available. 

That’s the kind of move that separates average investors from the pros.

This kind of govt nosiness and overreach is why I initially decided against the financial planning industry before starting in credit. you can thank 2008 and all the fraud that went on for that.

No need for management LLC's, LLC's in WY, DE or any of the other states that are inaccurately deemed to be better for incorporation.

Incorporate what if you die, what if you or a partner want to sell how do you value, opening bank accounts, contract signing, etc.  

Really your reply is the kind of thing that has made Bigger Pockets so valuable for people like me with more limited access to a broad range of more experienced professionals.

Everyone that has more than 1 or 2 properties should have some kind of basic spreadsheet that demonstrates how much that property is bringing in after all your fixed costs are accounted for, at a minimum - PITI, lawn care, HOA fees, etc.