My thoughts are to have a fire pit area in between the units since each will also have their own terraces.  

More work upfront, but maybe easier to scale later.Lastly, if you didn't own your property today, but you had the money in cash, would you buy it with that money or would you buy something else?

The IRS is very clear about the distinction between the two scenarios.  1099 subcontractors provide their own tools, set their own schedules are not directed by the hour. 

If the tenant is claiming to be living in a hotel, she may try to get you to reimburse for that cost unless section 8 has a new process to reimburse them for this... which sounds absurd but I'll let you deduce whether or not you're dealing with someone who is used to paying for things out of their own pocket. 

Rank every property you own from best to worst in cash flow2.

Assuming we are talking about similar versions of co-living, I would argue it is higher.I own a co-living space in Pittsburgh, PA. 

Possible (but I doubt easy) if seller takes a 2nd / subordinate position to the bank or is secured by other property you own.

You take that best guide as a base and put your own spin on it but make sure you don't copy proprietary content or do plagiarism.

Absolutely, the passive income from owning rentals is great but I also love getting into big projects and seeing the transformation from start to finish@David Jesperson What city/market are you looking to buy and what type of properties are you looking for, SF, 2-4 MF, or 5+ MF?

I own 4 doors here in the Midwest and am excited to add more doors as I continue this investing journey.