I prefer STR instead, which is more work, more head aches, but also more money haha.

I own 54 units myself and joint ventured on another 400 here in NWA and Ft.

Then, they have low ACH limits, you can ask them to increase them though. 

I’m more interested in joint ventures, seller financing type of a deal.

If you know investors and contractors, find a great deal an investor is willing to joint venture with you on.

Currently we are targeting joint venture land contributions with land owners and working on site identification I'll shoot you a PM for Miami markets and we can talk further.

However, as the owner you still need to spend more than 50% of personal services and more than 750 hours on the real estate business on your own.Alternatively, short-term rentals are generally treated as active business income and therefore are eligible to offset w-2 income.Navigating the Real Estate Professional Rules"When measuring material participation, a married taxpayer is required to count any hours performed by his or her spouse, even if the spouse does not own an interest in the business or if no joint return is filed.32 While this rule is advantageous because it makes it more likely the taxpayer materially participates in the real property trade or business, it is a trap for the unwary in the real estate professional context, as discussed below in Step 3.""

This would be just a simple joint venture contract can be templated online and then signed and notarized 

The interesting thing is that an LLC is normally meant to hold 'business assets'.However, a house-hack is both a personal property and a business asset.Therefore, the question then is, is there any protection being given to you.The next is, if the LLC is jointly owned, is there a partnership return due, which is normally due March 15 of every year.

Still not clear if you had a joint venture agreement or a recorded mortgage with a note in 2nd positionBut sounds like hard money lender foreclosed and it wiped out a second lien.If you gave loan in that persons name vs LLC then you could still get a judgment and recourse but if it’s only LLC with no personal guarantee then your options are go after LLC only (and hope their are other properties in the LLC)What due diligence did you do on this person originally?