If a cash out refinance, many lenders will allow the cash out to satisfy the reserves requirement.DSCR lenders generally let you vest either individually or as an LLC.

Management fees are steep, you're competing w/ bigger operators as well as mom & pop places - it's hard to get the personalized care needed, in my opinion, to be successful. 

You will have two separate K-1s as you are each individual owners.  

It will cut down on the fake accounts created to promote certain individuals, markets etc.

Do my 3 associates need to create a LLC to be able to do these renovations or can any individual do them, as long as proper permits are pulled? 

A community of growth oriented, abundance mindset, go-giver individuals with a BARE MINIMUM commitment to become financially free through real estate investing.We focus on providing education and building networks to help every member solve their cash-flow freedom equation, so they can have the time-freedom needed to follow their passions, make a lasting impact and even change the world!

Additionally, properties with high monthly costs struggle to compete with fee-simple homes, affecting resale value.

https://efraudprevention.net/embed/cody/Equity-stripping_scams.htmlEquity-stripping scamsEquity stripping is a type of fraud in which a scammer targets individuals who own a valuable asset, such as a home, and convinces them to take out a loan using the asset as collateral.

In California, a tenant is considered an “at will” tenant if ALL of the following conditions are met: (a) the individual occupies a property, or room within the property, with the owner, (b) there is no agreement for the occupancy to be for a specified period of time; AND (c) the individual occupying the property is not paying, and never has paid, any rent.

Making matters worse, 99.9% of individuals on BiggerPockets who want to buy in distant markets do so because the entry cost of doing business is lower.