I'm trying to decide the smart investment decision - continue renting it out at a lower rental rate OR selling it and trying to find a potentially better performing asset to re-invest those funds in.  

You can continue to operate and if there is no fire and no decks collapse you are fine. 

But if they spend more than 5 minutes looking at the SB rental market, they will likely see that they are in a great situation and won’t fight too hard.   

If it's not in writing then technically its up for grabs, you can fight the broker's split request.

Will they still continue to assess for the new value? 

The use of online classes has been increasing every year and are projected to continue to increase.

By securing favorable terms upfront, I aim to maximize my ROI when selling within a 3-5 year window.I believe that connecting with like-minded investors is key to continued growth and success in this industry.

There is a ridiculous amount of inventory on the market and you are constantly fighting with bottom-dwellers willing to rent their dumps for $89/night.

Don't allow the continuous flow of knowledge to overwhelm you.

Any ideas on forming a new LLC with him to build vs continuing to loan him funds and dealing with the bank perhaps not liking this?