I want to pay down additional amount to remove PMI.

I am sure that you would think that the Turo contract would help with that, but seeing as you are providing it as a service in addition to your STR, I can see issues if there is a problem.Plus you are offering significant services with that rental and that would change your tax situation.

Ideally, the Borrower would make a single payment like they are used to and my Investor has security based on the hypothecated Note.Or, must/should I have Investor in 1st position with a Security Instrument and Note based on agreed to terms and then create a Note Rider for a Wrap Loan between my LLC and Borrower spelling out those agreed to terms along with a 2nd Security Instrument in 2ndposition.Example:Borrower Pays: 12% and 3 PointsInvestor gets; 8% and 2 points (spelled out in a Note)LLC gets: 4% and 1 pointPerhaps there are a number of ways to skin this cat but I’m looking for a simple, yet protective, approach for both Investor and LLC.Thanks,Steve

If you can’t, then try to go 5-story and get more density of units. 4-story usually incurs all of the additional cost for commercial code without the additional income from higher density.

Interest rates are so high it seems impossible to build a cash flow positive portfolio using loans.

Also in addition to what @Lucas Carl said, have you looked into licensing requirements to be a PM for someone else?

If you'd like any additional information please let me know.  

Let's delve into the situation you've outlined:If your rental income exceeds the 27.5 years of depreciation and deductions, resulting in a positive net income, you are correct that this surplus becomes taxable income.

The HOA fee is 50%-60% less than comprable condo buildings built within a three year time frame of the condos in this deal so I'm pretty sure that once I see the HOA's financial position, I will see that it is under funded.

I would've invested in the Western Way quads as it is a great location and everything I saw and heard about the area was positive.