Potential STR strategy

[Robert Ashton]

Curious as to what the brilliant minds on here can come up with in this investing scenario!

My wife and I are real estate agents, currently with no capital to invest in a property or finance a renovation. 

My grandmother owns a studio in Yucca Valley that is a head ache to her and she only visits to check in 2 days out of the year. The property is a studio and definitely needs some work but once fixed up could STR for $130/ night. She's not willing to fund any of the renovations that would be needed to get up to rental condition.

What would you do in this situation? Bring in a 3rd party to fund the deal, pay them back (say 20% more than they funded) of all initial proceeds then continue to pay Grandma a percentage of the remaining cash flow?

Looking to get our feet wet so to speak in the space, not necessarily hit a home run, and this seems like an opportunity waiting to happen.

Curious to what you all can come up with and appreciate the tips in advance!