I'd recommend establishing a relationship with a seasoned Investor/Property Manager.

We are in a new build where there is no internet services established.

Government regulation continues to side with renters and is forcing landlords to become creative you know how we protect our investment.

Of course like @Don Spafford says, when you are doing it in a big town like Boise, regulation changes can turn your vacation rental into a long term rental in the blink of an eye.

It's important to go through the negotiation process and establish the correct market rate as best as you can.

Another option is to try to establish a fair value for the building and just present him a written offer for it - a friend of mine did this to a landlord a few years ago after always having back and forth verbal discussions that never really went anywhere.

Most lenders will not loan to an LLC as a residential loan in my experience, until you are established.

We have established trust so I don't mind paying for the materials upfront for him to do the work.The goal for us is to have passive income that allows us to work from anywhere and have a retirement plan since my husband and I both work as Real Estate Agents and self-employed.

The rules and regulations vary.

If you want to do both, go ahead and throw some debt on it and invest in both the current deal (if it checks out after readjusting your numbers) and a syndicated opportunity if you have that opportunity through established relationships.