If you wait until there is a disagreement, then the venture will end up in a lawsuit and everyone will lose.

Prior to rent control, this is how I got rid of every tenant that I wanted to get rid of that was current on their rent.COVID has identified new risks.  

We had already been Airbnb Superhosts for at least a year when we decided to start that venture.

Is there any rent control? 

the questions you are asking are not controlled by the state necessarily but both the feds and local cities. 

I've used them for years.https://forgetrust.com I also use Forge Trust for my self directed ROTH IRA with checkbook control. 

I would therefore have control over the property and how it is managed, even though we would all have an equity stake in it.

Apps/systems are great if you're somewhere in the middle, don't have the margin to cover the 8-10% of gross income + 1 month leasing fee, are a control freak that wants 100% visibility/control over your investments, or are a "systems" type investor who relishes operational efficiencies.

Helocs give you more control of the funds and timeline to identify it's next use. 

I did all of this quickly as any young kid who is technologically able could, and the company controller who I was working under was impressed by my speed of completion.