The investors must be provided a Private Placement Memorandum, subscription agreement, and operating agreement.  

So at the moment, if you buy a property now and operate it as a 30 day rental, owners are not having any problems with the gov't.  

Does the operational company already exist and have income history?

If you’re ever looking to invest in Florida, @Josh Green has a successful STR operations going on in the Tampa Bay Area that is providing his clients with solid returns year round.

In this case, you would draft an operating agreement that specifies each partner's role—your friend providing the cash and you handling the rehab and management—and that profits and ownership are split evenly.

Your decision to prioritize effective support and comprehensive features, even if it means higher costs, seems reasonable, especially when it's critical for your business operations.

Not an expert here but my Brother is a heavy equipment operator in Northern CA and did a lot of the fire clean up when those fires happened and he mentioned contractor might need hazard waste removal license..

@Matthew Drouin had a great reply:"Typically 50% of revenue is going to go right to operating expenses on small multi family. 

@Sean Doyle - Toledo is the only city I operate in.

Sounds he’s not interested in going through the rent up stage and being an operator.