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

You can collect rent, do your banking (unlimited virtual accounts), and do your accounting.

Due to increased rates i did not refi so i did not get opportunity to see how an appraiser valued the half bathroom but the comps with same bathroom count had crazy valuation for the additional half bathroom.Taking under utilized space like a work area to add a br where the added br does not put you above the normal for the area can add value.Similar if a neighborhood is virtually all 3 br and 4 br properties and you find a 2 BR, it could be a value add to add the bedroom via new construction.  

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.  

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.

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.

Does the operational company already exist and have income history?

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.

Hopefully those that stayed on the sideline until the 'time is right' will start underwriting specific deals and recognizing path of progress opportunities that offer multiple operational and exit strategies.  

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