The first mistake is the property is free and clear.  

I’m a real estate broker, Investor, and property manager in Lee County.

We don't allow any "deal-making" in the forums, which includes advertising your services or properties, looking for partners, etc.

That said, I live in Texas, and I have found that the property taxes and insurance are prohibitively high to make a short term rental work here.

Have a frank conversation with the property manager. 

I’ve been diving deep into the world of real estate investing, with a strong focus on acquiring rental properties and eventually scaling into larger deals.

If loan balance is $300k and it's worth $400k and an equity partner puts $40k to bring it current then they have about 40% of equity in the property - now they would not take straight $40k as probably more costs involved.

The LLC sells the subject property and buys, for example, 3 replacement properties in a 1031 exchange. 

My partner and I found this deal through an agent that gave us a list of all the 4b2b properties in the area and we sent direct mail to every household.

Message me if you'd like us to analyze a property for free.