Some questions to think on as you form a strategy:- do you have any money to use now to invest with- will you be a multi unit only, sfr only or mixed bag investor, or commercial- if you make an investment, or when you do rather, what number in monthly cash flow will you set as your floor in order to get involved in the deal (mine is 200$/month/property, or I don't buy)- can you find owner carry sellers- can you use a lease option or find lease option sellers- what grade of property or neighborhood/tenant will you be targeting- what fits best into your life as far as time management with the young kids at this point- do you have anything to bring to the table in order to partner up with someone to make all this a bit easier- according to your opportunities you find out there, what additional streams of income can you identify to go along with target properties or create as a result of being an investor (some people are agents, brokers, property managers, some use coin op laundry in multi units etc etc etc)All these types of things can go on forever as far as lists are concerned, but you'll have to find a comfortable place to start/enter investing and evaluate things as you go along and readjust as time passes.

I don't know the OP's experience.

You'll see the part of the thread you're responding to and be able to address specific parts of the OP's question or concern. 

Just thought it would be helpful to clarify for the benefit of the OP. 

Make sure you adjust any of the operating expenses that would be covered by Vacasa so you get as accurate of an analysis as possible.  25% is a lot to share as STRs already have very high Op Ex ratios and to be perfectly honest I would be amazed if you can even cashflow with that fee on a financed property.

You can lend to me at any interest rate but as soon as I offer any percent of the profit it gets regulated.Three thoughts:-  The OP mentioned that the money guys would be "passive investors."  

Since the OP is discussing a smaller deal, would you say it is more is less likely that his high IRR is accurate due to deal size?

Like the OP states, I should be able to find a suitable property that might not meet the sufficiency test but can make up for it with my income.

if so please share as it will help the OP for sure.

A hundred or two hundred dollars here ostensibly is money well spent; seemingly if its not done, OP is repeating similar mistakes made when tenant was brought on.