I've worked in the venture capital and private equity world as well getting a close up view of numerous businesses as the grow. 

So long as your accessing your unit didn't interfere with the renters private use of their space, you could likely cashflow in that manner.

Have either of you had any success with local banks or a local private lender?

@Angela Winbush you dont need private lenders to finance properties within an LLC, you just need a commercial loan.

There are private money lenders out there that will add the IO payments to the balance of the loan. 

However, if you used a combo approach to achieve that, you could have a HML fund 75-85% with rehab, and borrow the 25-15% +Closing costs down from a family member or private lender. 

We have a lead on some however we have never used any private money (outside our own) and are not sure what the contracts should look like.

I'm in San Diego and the SD parking Enforcement website addresses illegal parking in public areas, and vehicles abandoned on public or private property for 30 days, but if they're living in it for that time I wouldn't think it would be abandoned.

@Keleen Culberson Raising Private Capital by Matt Faircloth (a BP publication) is a great read.

I think they refer to it as such since I didn't use any trick such as BRRRR or private lending to get started.