Since you aren't adding value and planning on keeping it longer term, then paying a lower interest rate makes more sense which in turn means better cash flow. 

There are a couple that aren't so bad though. 

If one were to setup a multi-member LLC with a group of people they aren't married too, I'd absolutely recommend using an attorney and a bookeeper who has experience with multi-member LLCs. 

The most important thing is the knowledge and experience and if they aren't NARPM credentialed (for single family) or IREM (for large multi-fam) you're dealing with a rookie (in my opinion). 

IF you aren't living there I believe the answer is no, any contributions would need to be a gift. 

@Erick Ragland Is it correct to assume you aren't working with a realtor?

NODs aren't published.

@Marty TrueFrom what I gathered, since the property resides in the north Las Vegas district, there aren’t any requirements to do STR.

But when I went to my attorney (in Buffalo) wanting to do a rent-to-own, he says he doesn't like them because they aren't enforceable and you can't just evict the non-paying tenant and that it basically ends up being a foreclosure.

There aren't that many and everyone wants them.