In any case, the first step is to establish a goal. 

I have mainly bought homes are in established neighborhoods and majority owner occupied.  

The main thing here is to establish clear authority and communication with the tenant while keeping things legally buttoned up.Here’s how I’d handle it: 1.

My partners and I feel we're on to a niche opportunity and I would like to explore the possibility of establishing a fund.

Join a local REI group and establish in-person relationships (IRL) of trust and guidance.

Bed and Breakfast establishments, boarding homes, dormitories or multiple units, or any other similar lodging arrangements are specifically prohibited.”

Establish relationships locally with banks AND credit unions. 

Welcome to the group.As you embark on building and expanding your real estate portfolio, one of the most important steps you can take is establishing a strong, proactive asset protection strategy.Real estate investing offers great potential, but it also carries inherent risks, from lawsuits and liability claims to unforeseen creditor issues.

While the East Valley remains the established hub, Goodyear in particular shows strong midterm potential with ongoing development and proximity to major employers and hospitals. 

TIA My recommendation- Establish a Joint Venture that lays out each partner's contribution to the project.