I'd build a reserve fund and once that is met, would payout cashflow each month to partners4) Who handles the day to day operations and support of the tenant?

In spite of that, it's also standard operating procedure for many builders.

HML these days do have buy and hold products @Aaron Klatt  in the 7 to 8% range..Visio is one they are out of TExas   LIma One has some too they are out of Charlotte.but just because its hard money you still have to qualify just like a bank loan .. these are fico driven and equity and ability to operate driven just like any loan.

Just like any business, you can't operate at a loss long term.

My inbox is filled daily with deals from pretty much every wholesaler I can find operating in Memphis and these days there are a ton of them.99% of the deals on offer are in such bad areas you wouldn't drive down the street let alone own a rental there.

With the resources and network I have I can offer a virtually hands-off acquisition and get you set up with sourcing, acquisition, design, staging, and management of a short term rental here.

TD Ameritrade and Shwab will open such accounts.We have many clients just operating out of either a bank or brokerage, and some that have both types of accounts within the LLC.

I am not concerned about age of building...it's really all about location and the opportunity for value add and increase the net operating income.

And when I did my bathroom floor I used this as a guide:  .https://www.younghouselove.com/operation-stencil-the-subfloor/ .

I've never seen a compliant LO transaction come across my desk and if it's not compliant, it's a virtually risk-free transaction for the tenant / purchaser.