Option 2 : Improve the property and rent to a higher class of tenant and property.Option 3 : Outsource the problem to a property manager.

As far as improvements, I'd focus on what you can do to the property to get the best ROI, every property is different in this regard. 

Improved every room, upgraded all, added downstairs bathroom and upstairs laundry.

Eligible property includes 1) Computer software that is depreciable 2) Qualified leasehold improvements property 3) Water utility property and 4) MACRs property that depreciates over 20 years or less.

If you're making money on the STR and the massive profits that so many tout, you're probably not going to get much in write offs....maybe this year with your accelerated depreciation if you make improvements and do a cost segregation study....but you'll probably be paying more taxes next year on your massive profits.3.

I believe that the will be listing for around 75k-80k, which I think is too high with what all needs done, but quite possible for someone who wants to slowly make improvements on their own gradually.

Well done sirI would acquaint  yourself with the math to reflect how current or improved rent and all cost deliver cash flow for the tenant or value over time in a buy and  pure hold strategy Most investors do this on their own however they love a professional who understandS how to make these investments really perform keep it up sir

You can add her joint on your accounts.

Should a joint savings work?

I've picked up a few young bucks along the way who have worked along side me to learn how to find, fund, and improve properties as well as much about property management.