They were all owner builder where I hired most of the work out and did some of the easy stuff myself.

I was able to work out a reduce payment.

If we couldn't come to terms, then the LLC allows for an exit, with the exiting partner having a note due, with workout terms defined.This could be refinancing or selling interests in properties.

Plexes works great for house hacking and providing a free place to live if the numbers work out, however they are very hard to find here.

My first house was given to me by my father in law as a wedding present, so I never had to work out all the math on it.

I'm familiar enough to know what the scope of work is and what the process should be, so my initial thoughts were to sub all the work out and have them pull their own permits for each job. 

Also, if they rent by the room be aware that means you will be managing the rental by room so it will be more managment intensive. 

Even if it doesn't work out there are lessons you will learn in the process. 

It will undoubtedly get very expensive and annoying quickly if you have to hire all the work out.

Like 30 years.....which will work out great when I get those 30 year mortgages.