Looking to connect with other working parents who started this business adventure in their early 40's and made it work!

You have zero control over the stock market, whereas when you do private lending, you have significantly higher control and contractually guaranteed return on your money.

Assets identified in this study include:Appliances: Dishwasher, microwave, oven refrigeratorInterior Finishes: countertopsFurniture and Fixtures: shelving, built in cabinetry and decorative light fixturesSpecialized Equipment: Electrical systems and specialized wiringHVAC controls and specialized components63.6% of the total depreciable basis was classified as 39-year class life.

That's unusual and it would be very difficult to find a passive investment like that.Also direct control means I know exactly what's going on.

California also has Proposition 19 rules to consider, which might impact property tax reassessments if the transfer is not between parent and child. 

One thing I would definitely recommend is getting the students' parents to co-sign on the lease.

If you start a JV in name but do not give your partners proper control and decision-making rights and the deal goes bad you open yourself up to serious consequences which can lead to SEC violations with extremely high fines.Lastly, you can offer the project up to investors who have no voting or control.  

.- Since we're not really in full control of the property, the Hold Harmless also indemnifies us against anything that goes missing at the property and squatters.We get asked/told to do all kinds of crazy stuff by owners, who either don't care what happens to us or haven't really thought everything through.Hope this addresses your question.

If you add unit to your home, your home likely became rent controlled.  

I've been in your situation and nothing can prepare you for losing a parent.