You may be far better off structuring it as him being your lender (as opposed to a partner) or, alternatively and likely less attractive, you being his contractor.Part 2.

I take a picture of their driver's license.I ask for phone numbers that accept texts and any alternate land or business phone numbers.I ask for the names and birth dates of anyone under 18, and ask if there are any service / emotional support animals, together with their names and breeds.I also ask for personal references, previous landlord contact info (and length of time there), employer contact info (and how long there, together with earnings), as well as the name and contact information for their manager / boss.

A few months of reserves might seem like an unnecessary drag on your ROI—but trust me, it’s far cheaper than the alternative.

I'm California-based where there aren't any real deals in my area, so I'm exploring Detroit as an alternative real estate investment market - due to the combination of it being a strong market and my having connections in the area. 

Additionally, there's growing interest in cryptocurrency as an alternative asset class, though it comes with higher volatility and risk.

Here's a blog I wrote about H.S.A.s invested in alternative assets Financial Independence Retire Early - Achieve FIRE Faster with a Self-Directed HSA- https://udirectira.com/achieve-fire-faster-with-a-self-direc...

The alternative is to go with a single-family home, live in it for about 1.5 years, and then purchase another home while renting out the first one.

Is there a alternate way to structure it, please suggest.

Alternatively, if your daughter lives nearby, why not have her buy into it and live there?

If I believe I can generate enough profit this year and navigate any potential inspections next year, I’d be comfortable moving forward—using the income earned to cover any necessary upgrades.An alternative exit strategy is to document the financial performance and sell the property as-is, highlighting its strong short-term rental income.Think through your next five moves, from best to worst-case scenarios, and make a decision that aligns with your goals.