I had an ancient sewer main collapse at a home in Tempe and had to trench the entire backyard. 

Potential partner is a Developer/GC, I have a pool of investors to draw from.

I don't have a picture, but in the spirit of your deck photo, I looked at a house several years ago where the owned pour a concrete pad over the entire back yard (0.15 acres)  They had an AG pool in the center and this 2 story castle like structure around with complete with a wooden walk-way from one side of the 'yard' to the other.  

All those fees and return is already a great ROI for finding the deal, funding the deal, managing the deal, sending checks & K1's etcBut when they take 30-50 of the large gain from increasing NOI I dont see the value there.People could just as easily call their RE friends/ investors when they see a larger value add deal in their area, pool money and form an LLC /partnership and do the same thing and split the profits equally when sold.Thats actually how i got started before i knew the ins and outs of doing it on my own.Besides syndicators offering bigger scale of investments Am I missing something? 

Then they say stupid things like "we buried Aunt Edna in the backyard because she loved the Orange Tree" and buyers say stupid things like "What an ugly collection of Urns on the mantle" when Fluffy the favored cat has her ashes in the Urn.

Can it effect the pool of renters?

@Jon Pool you really need a lawyer to weigh in on this.

Is it securitized or pooled?

You’ve got to figure it out where you're going to invest; in your backyard or out of state or where you think your money will flow, that's my keyword.

Some feedback is that the backyard needs a privacy fence (we already have a chain link).