As far as opportunity cost goes, with all the free time I would have by simply being a private lender, I could probably make up most of the difference while pursuing my passion (photography) and bringing in some income from that - not to mention the nice quality of life boost.The one big thing I didn't mention is that I definitely do want to become an experienced real estate investor, so, at the moment, I see myself implementing a hybrid of these methods@Jai Reddy and @Larry T.  

Strategic decisions are made together, implementation, I handle.

KEEPING MORTGAGE BROKERS WITH NEW PRODUCT that can actually pass an stringent appraisal and actually go to closing.  

Looks like the county briefly implemented some harsh tax regulations but then changed course shortly there after due to the outcry from ADU owners.

You would be farther ahead to implement a plan to put an end to all late payments at this point in your business.

Account Closed,Actually, no - I'm NOT against what you do ...... well, except maybe for the generalizations.Yes - there will always be shysters looking for easy money, and "professional litigants" who think its an honorable way to make a living instead of earning an honest dollar.I don't see that as a justification for not doing what the law allows in terms of guarding your assets.Not everyone who implements asset protection is thief, a cheat or a liar.As I've said numerous times and will always say: nothing is 100%.

How would you approach raising rents and implementing a pet fee/pet rent?

Get a good legal adviser w/experience in business partnerships.You can also reward yourself more in the deal through taking asset management fee assuming you are hiring a property manager and that fee would help compensate you for oversight and implementation of the business plan.  

For me, I really had to decide if my criteria was stringent enough.

The Washington State Housing Finance Committee is a governmental agency that assists in implementing federal programs in our state.