But maybe that's not a valid concern, since you can incorporate rental income?

Life happens and being a nurse working in Covid it gets a little rough mentally and physically sometimes and grace is needed.

@Jack McWatters grab the book The BestEver Apartment Syndication Book by Joe Fairless (the physical book).

We can share a virtual beer or something.I have a ton to learn, but I make sure to focus time every day on my own development (Mental, physical and spiritual).

If you notice that this property is also in your driving for dollars list because it is physically distressed, then you know that you should market in a more personal way (door knock, phone call) to this seller, giving you the best chance of getting the deal.

If so, would it be better not to incorporate the cost of labor at all and have to pay interest on less money? 

You'll need to take a cushion off the purchase price to incorporate your fee.

It is not a fair world.My wife was in corporate sales for 27 years and shares your pain.Use this mis treatment that men have given you and show them that you will not only survive but you will be very successful.I have fought all my life with medical issues that don't allow me to be a contractor.I have snubbed the doctors and proven them wrong!

That the body will quit when too much pressure/pain/physical force is applied.

You'll want to look into the pros and cons of Cross-Purchase Agreements and yes, the final terms can be incorporated into your operating agreement.