While the traditional approach involves buying a multi family property, living in one unit and renting out the other - with rising prices and interest rates; others have considered renting out bedrooms as unit spaces. 

Leverage magnifies return. 3) The effort involved in adding an ADU is comparable or larger than a rehab associated with a BRRRR.

Compare that number to the odds of being struck by lightning, and then act accordingly. 

For your first question, writing a scope of work (SOW) involves detailing all the tasks and materials needed for your project.

This site makes me believe that we should use a 1065 however since I am involved in the partnership.  

If an early buyout opportunity arises, I’m happy to secure a solid return for all involved.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Undoubtedly, the biggest regret is getting involved in the short-term rental market.

My advice to you is that syndications involve more layers of what I would call "Middle Management" - which takes money (profits you might call them) to fund.  

You must know something about it already, since you got involved in it.