A business expense is defined by it's nature of being ordinary and necessary, not by how you hold the asset.

@Pat MulliganSorry to hear about your HML challenges.  

✓Requirements for a Delayed Financing ExceptionThe original purchase transaction was an arms-length transaction.For this refinance transaction, the borrower(s) must meet Fannie Mae’s borrower eligibility requirements as described in B2-2-01, General Borrower Eligibility RequirementsThe borrower(s) may have initially purchased the property as one of the following:a natural person;an eligible inter vivos revocable trust, when the borrower is both the individual establishing the trust and the beneficiary of the trust;an eligible land trust when the borrower is the beneficiary of the land trust; oran LLC or partnership in which the borrower(s) have an individual or joint ownership of 100%.The original purchase transaction is documented by a settlement statement, which confirms that no mortgage financing was used to obtain the subject property.

Doing a BRRRR OOS is even more challenging. 

I have mine set up that way after a couple challenging first-timer experiences.Whatever you decide, I wish you good luck!

Since you want to keep the property forever, it will be challenging to calculate the investors' returns after certain period of time. 

Challenges?

That's a big one to know because there can be financing challenges if a certain percentage of units is owned by one owner. 

(cough cough NSA) Honestly, you're safer with the random and unpredictable nature of having your traffic pass directly between yourself and your destination, and https:// is already really strong as-is. 

Looking around at different banks has presented quite the challenge, though not impossible.