While it may not be the best CoC that’s considered a solid long term investment cash flow by many.

Or even the benefits/cons of that relationship being long term?

Cap Rate is a term only relevant to commercial properties.  

We've done this many times where you purchase a property at a discount with short-term financing/bridge loan, rehab it to increase the value, rent it out and then when you refinance it with long term financing, you (hopefully) get some money back.

.- Investment Term: 5 years - 10 years- Equity Split: Investor 80% / Sponsor 20%.- Preferred Return: 8% annually to the investor.- Profit Sharing: After the preferred return, profits are split 70% to the investor and 30% to the sponsor.- Management Fees: 2% of gross rental income annually.- Acquisition Fee: 2% of the purchase price.- Disposition Fee: 1% of the sale price.Option 2: Debt Financing with Equity Upside- Target Properties: Single-family homes, multifamily properties, and land for development in prime locations.- Interest Rate: 6% interest only for a term of 5 to 10 years- Prepayment Penalty: 2% if the loan is paid within the first 3 years- Equity Upside: Investor receives 30% equity of the appreciationWhich option do you think is more attractive and why?

Despite android having more phones,  I'd guess iTunes is 95% to 5% in terms of podcast downloads from Android vs. iTunes. iTunes just cleans up when it comes to Podcasts! 

I have a lot of research to do on this and talking to a couple builders to pin down the details.3.

BP community - I am an out of state investor considering long term rentals in the Grand Rapids area, more specifically Eastown / Midtown neighborhoods.

We had to request correction of multiple other items that we did not feel were finished with sufficient attention to detail.

In terms of your grandfather living there as long as he's not the owner having a dwelling fire/rental property insurance policy is appropriate.As @Greg Scott pointed out he should have a renters insurance policy whether or not he's actually paying rent.In terms of liability coverage, that depends on what you have to protect so there's no one-size fits all approach.