My eyes used to glaze over when my hubby tried to explain it back then, but now he has my FULL attention on this topic.I definitely think it is a big risk BUT the potential rewards are so vast that I think it is crazy not to dip a toe in with whatever amount you are comfortable gambling with.We saw our light coin investment almost triple in about one week...nothing else I’ve been involved in gives those kinds of returns so quickly.

I assume there’s no realtor involved or they’d be upside down.

Because first and foremost it requires you getting INVOLVED, putting in some rep's, and if you won't get involved and won't put in the rep's you will never, I repeat you will NEVER succeed in investment real estate or any business venture EVER, full-stop. 

I won't ever close on another OOS property without walking it first but that involves paying for lots of flights and hotel/rental car costs if flying out there to make an offers but the $1500 to $3000 would be worth the cost to me to save on future headaches. 

And treat this as 1/5th space as a rental.Or down the road, would it be better to have the entire property (home & garage/room) rented out to everyone involved and the property become an investment property. 

While there are some deals 50 units or larger that transact without a broker involved, they're definitely few and far between.

Short-term rentals (STRs) offer a way around these limitations by being considered active income if you meet certain material participation requirements, such as working more than 500 hours or 100 hours, surpassing anyone else involved.

I suspect this would happen if various parties were given the ability to ask questions in nearly every application for what this thread touches on - and I have major concerns about integrity (and credibility) issues involved in putting yourself in a position to defend this position if ever challenged. 

Getting multiple contractors involved will be your best bet to get a reliable estimate, though you need to come up with a scope of work.

Why type of price point are you looking, what anticipated ROI/cash flow, how much time do you want to be involved in, what is your risk threshold, how long do you plan to hold the property, are you looking to invest locally or open to exploring other markets, etc.?