In addition to that, I am also concerned as to how big of a loan I can get, as travelers taxable income is significantly less than what they are actually making with stipends.

Investment property HELOCs are hard to find but a closed end 2nd mortgage on an investment property is going to easily be in the 10s and up for an interest rate.More about DSCR loans:DSCR loans won't use your income to underwrite the loan.DSCR loans are based off of down payment, credit score and either actual or market rents so it helps to supercharge an investor's real estate goals and net worth.Here's a bit more in detail about how rates are calculated for DSCR loans:1.

We are in a weird spot as the attorney we used created the LLC but never sent us the final Operating Agreement (only the draft without our actual names on the signature lines). 

If you wanted to refinance the raw land maybe you can get 50% of current as is value not what it will be when completed.So that's three loans at lets guess $15000 X 3 = $45000 plus interest reserve and carry cost.

Seems to me that the % ownership should be tied to actual cash in the deal with consideration for other work involved in making the deal happen. 

It seems like a sweet deal for the tenant and the house is actually great in a B area.  

I'm guessing around 30-40k in rehab. 

I'd start by assessing their performance - compare the actuals to the airdna / bnbcalc projections, assess the ratings and reviews on the listing.

I would do absolutely nothing.There is no reason to compete with stupidity as it will weed itself out.If one property comes to market at $400-$500 cheaper than actual market rents ONE lucky person will get that property and one foolish landlord will be losing a LOT of money.This would literally have zero impact on my ability to rent my place and I wouldn't for one second allow it to influence my pricing strategy.

(I found an awesome BP interview video via Google about ARV and thought it quite funny that I actually didn't check here first).My intention is to continue learning all I can from here, friends who do this, and anywhere else I can for a month and then jump into making my first educated move.