If you start doing subto and other types then many will not touch that because of potential recourse in the future. 

How are you going to scale your future investments?

Currently speaking with a local realtor about the STR zoning issues, insurance issues, and current/future market in Florida. 2025 should be a good time to look for a property there. 1.

And if you sell the house in the future and have qualified for the Section 121 exclusion, you can exclude up to $500,000 of gain if you are married, and $250,000 if you are single. 

I also learned how NOT to screen a tenant and what class of property to NOT buy (for me in the future).

Luckily you will be in a class and larger group of investors and future investors looking for a good deal to participate in. 

Quote from @Daniel Snyder: Just having fun learning about real estate and trying to build a future for my grandchildren. 

When I think of waterfalls, I think of something like the LP getting say 1) a 7% preferred return 2) return of all capital AND then 3) the GP gets 25% split of all future proceeds/profits.  

As the legally required small print in the offering of financial products reads: "Past performance is no guarantee of future performance".

Considering the more lenient US laws compared to the UK in contracting.Again, thank you so much for your reply, perhaps we can connect and see out opportunities in the future!