I'm interested in renting out rooms and would like to know what provisions are people including in there leases to protect themselves and their tenants.

This is circumstantial and market dependent but something you should explore if this land falls under this category.

The person will assist in some prop management but largely the GP will oversee/ manage most of the deal (design, permits, construction, leasing).I would like to add that this person is raising 95% of the entire equity check, not just GP equity 'I would like to add that this person is raising 95% of the entire equity check, not just GP equity'

For context I know this may land squarely in STR territory meaning as a residence it won't comp out any differently. 

Purchase price: $360,000 Cash invested: $18,000 A partner brought this deal to me.

Any advice you can provide would be greatly appreciated1) In the Short-Term Rental Ordinance (Baileys harbor), I found the following:“If the rental of a Residential Dwelling is less than seven (7) consecutive days, the first dayof a subsequent rental of less than seven (7) consecutive days may not begin until the sixth(6th) day after the first (1st) day of the immediately preceding rental.”Question --> Does this mean that we cannot host another guest within the same week if the first guest's stay was less than seven days?

While this is all going on, what research have you done to compare LTR and STR options?

While automation and advanced technologies help with this goal, another strategy that is often overlooked is cost segregation.

This includes notification or requests for repairs.

🏘️💥 Experts say the lack of new housing, high rent-to-income ratios, and post-pandemic demand are driving this fierce competition.