Basically, write down every ****** thing they're probably thinking about you.

Most investors view these basics as "active" activities and are not required for a passive investment. 

A few things to think about:• Two years is enough time to benefit from house hacking.If the rent from the other unit can meaningfully offset your housing costs, you’re basically reducing what you’d be paying in rent anyway — and building equity while you live there.• Bellingham’s prices are higher, but demand is steady.Vacancy is typically low, and smaller multifamily properties tend to hold value well.

Basically, they are a turnkey STR company. 

Some DIY providers like room42.io offer "audit insurance" - basically they'll send an engineer if you do get audited.For renovation work specifically, make sure whoever you use has detailed records of what was replaced.

Basically he can do the white collar work but no blue collar work.

Beyond basic numbers, how do you stress-test deals to make sure funding won’t become a problem?

Looking at possibly exiting if interest rates go down since prices will most likely go up and the profits have basically been cut in half over the last 2 to 3 years and that's with self managing...I'd lose $$ every month if it was managed.

However, you need to understand basic fundamentals. higher returns means higher risk, effort and/or barrier to entry.

That being said, you would value it as a stream of cashflows using a discount rate (basic DCF modeling), just like any other cashflow stream.