Building a reputation as an investor who helps homeowners can lead to future referrals and a sustainable business model.

The very fact that they are engaging in the business model of illegal brokerage is all you need to know.

Some townships will require certain items, like an escape window if below grade or a walkout to be installed.

Quote from @Joel Oh: Your business must make money day 1.It is so much more difficult to fix the model that is not making money than starting a new business that makes money day 1. 

Also, what others have said, the personal touches on what is in your place (e.g. providing all the essentials instead of having people buy TP, coffee, shampoo, etc.) and the quality of those items (no tattered towels, stained sheets, etc.).  

But, there are certainly several items that would give me pause.  

I plan on doing this model also so I would love to follow your journey on this investment and learn what obstacles you may deal with. 

I realize we’d probably want to bring in a real estate attorney, but I’m assuming there are models in place that are probably well-established for such a partnership that I know nothing about.

I would highly encourage paying a GC to walk deals out the gate, have them give a scope of work so you can see what items costs.

Another struggle i have with STR is replacing small items continually which ties back to pricing.