We rented our first house out and are house hacking using Airbnb on our current home with the exact model that @James Carlson just described.

And if that's the case, offering the 70/30 deal for a projected 18% LP IRR with a lower risk profile should be more attractive than the 30/70 deal with the same projected LP IRR.

The houses surrounding this home are newer models (2013 etc) and smaller sq ft..,  is it worth taking risk on such a huge home..renovations might take 8 months, then might be a bit difficult to find buyers since home is huge.. so out of pocket cost..

Walk inside and you feel like your in a model home.

Walk inside and you feel like your in a model home.

Unless you really want to do complex models or really want to learn about M1 and M2 money supplies you can probably get away with some really good books by experts in the field (non-academia).One more question unrelated to college: My ultimate goal is to make passive income off buy and hold real estate investments, but that isn't a day job I can start out with.

The titans of the value-add model can likely argue against all of the advantages in favor of that model, so I suppose you could say these advantages are debatable.Nonetheless, we proceeded to place the land under contract and begin what would prove to be a grueling 6 month process of vetting all details of the business plan that the sellers had outlined for the development.

I'm looking for examples of materials like this that I can use as a model to create my own. 

Let's say I went ahead with one such deal, would this kind of buy and hold model be sustainable going forward with continued deals, or at some point this isn't going to cut it without real appreciation on the table? 

Very unsustainable model as we work to go digital.