I don't know what your exact plans are in terms of flipping or holding but Airbnb has treated me well here and I plan to keep expanding on that (most likely in the Downtown area) especially since Fresno is WAY under the radar of Airbnb regulations.   

The proposed investment horizon is 10 years at which point we would potentially look to liquidate the portfolio to an institutional investor, the returns are usually expressed in terms of IRR (Internal Rate of Return).  

They are going to be a way better bet in terms of getting a line of credit versus a national bank like Wells Fargo.

SFRs are either expensive or require too much work in terms of fixing and I know I'm not comfortable with taking on that kind of project.

I am wondering how the fact that the property is non-compliant with it's zoning might potentially affect a refi and if there are liability concerns based on it's illegal use.First of all in terms of an appraiser pulling comparables to help determine it's value, would an appraiser compare it to other 3 family units regardless of it's zoning or would they compare it to other single family units based on it's zoning?

Other areas nearby with better appreciation barely break even in terms of monthly cash flow.  

So here is what I have witnessed and heard from attorney's, CPA's, and agents in terms of wholesaling..."

So here is what I have witnessed and heard from attorney's, CPA's, and agents in terms of wholesaling..."

@Kevin Guo Odds are most of the BP world will disagree with me but I don't think there's anything wrong with buying something that's <8% (stress tested) in terms of a cap rate.  

Based on this information, what would be a realistic, and fair, split in terms of ownership for a LLC in this situation?