I have found that the return on a SFH STR in those areas is minimal in comparison to other assets as they require a large down payment, but with management taking on 18-30% of rents it's much more difficult to manage.  

He mentioned they’ve had trouble paying on time lately.2) This place rents for $1,500 now, could be as high as $1,650 fixed up more but the total mortgage payment with taxes and insurance would be about $1,500-1,600.

Reading through some other forum posts, it looks like there are much simpler partnerships, entities, or offerings that would meet what I am trying to do:My Role:-Decide on properties to purchase, mostly SFHs-Establish LLCs or other business structures to hold the real estate and distribute returns-Purchase properties, using loans as needed depending on the ROI/cash flow desired from investors-Act as property manager for the properties-Depreciate properties held in business entities to minimize taxable income to investors-Distribute returns to investors-Create investments that have high cash flow (CF) and low appreciation (App) , moderate CF and App, low CF and high App-Find investors from connections, friends, and family with no public advertising-Advise in a minimal capacity on tax and real estate strategies-Send investment reports to investors-Be fiduciary to all investors-Receive compensation from PM and other management work I do related to the investmentsInvestors:-Can be non-accredited -Invest as little as $1000-Can use retirement accountsWhat references can people recommend for me to learn about business structures, partnerships, securities, taxes, or other topics to get me started on learning what will work for my goals?

I live in Tampa Florida and would highly recommend working with Josh Green with Impact Realty

Until you have experience in partnering with others on successful projects, I highly recommend working with your partner and an attorney to structure an appropriate, legal, and viable operating agreement, be it in context of an LLC or otherwise. 

None were accepted yet, so learned a ton and happy to walk away from a few deals that weren't going to give me the return I wanted, or had big issues (e.g. septic - I decided to stay away from septic if at all possible)*Taking the time to encourage a friend who knows nothing at all about REI to take his first steps.

Meaning, if the kitchen has high end finishes...then yours should too.  

But their minimums are pretty high for a tenant in common purchase. 

There are VERY FEW DEALS AVAILABLE RIGHT NOW….There is inventory for sale…butNOT…..Properties that can be acquired that;1) Will have minimum 80% equity vs ARV…after the ALL IN investment ( unless the cash down is way out of balance ) 2) CASH FLOW TODAY enough to cover all costs PLUS RESERVES and return all cash out of pocket in a reasonable time period.3) You could sell TOMORROW if you needed to and not lose any money4) Dont include rosey hopes of appreciation to cover negative equity Al last ALL… of the current wholesale deals are just trashy retail deals.

The problem is I currently do not have enough for 20% down, especially in a high COL area in Connecticut.