I'm in the middle of forming a partnership and LLC right now with two other investors so that we can purchase more buy and hold properties.

If you are multi-member, the default goes to a partnership so a partnership return will need to be filed for each which spits out the K-1 so each member can file their personal returns.   

As a guest, I probably care the most about a good bed and I'm very "function over form" for the most part, but it's got to look good in the pictures to get me there, right?

LA is the probably the last market I would choose to start out as a new RE investor, if I had other options, because of the high competition and outrageous values there.Man, I'll leave the remote investing advice up to those that do it - seems likes it would have to be a partnership with someone who has feet on the street in the area where you're investing. 

@Robert Carlson, so hypothetically, it seems if you REALLY wanted to use OPM at all cost, someone else in the general partnership could put up the cash for due diligence, but they'd be paid accordingly if the deal pans out. 

Honestly I like the look, but the functionality is missing for me. 

I have experience, and I have SFR rental income, and I've been partnering on some exciting cash-flow partnerships; so let's make it official :)In other words: Nice to meet you, I'm happy to be here!

It can add a bunch of home automation functionality to your STRs.

Equity is a function of several factors - down payment, principal pay down, appreciation, etc. 

.  ;-)It looks like a pressure wash and staining would do wonders and extend its life.But, I tend to look at things from a technical/functional point of view, which is why I never pick colors, textures or fabrics for my projects.