If you are able to setup a credit card identical to your accounts payable accrual account, it should operate the same.  

I currently operate a few STRs so have a good understanding of that aspect although they're all located in touristy locations.

We operate a real estate, mortgage, and property management firm dedicated exclusively to Short Term Rental Investments.

In this case, you would draft an operating agreement that specifies each partner's role—your friend providing the cash and you handling the rehab and management—and that profits and ownership are split evenly.

The key is to pick a lane—focus on improving as an investor, finding great deals, and letting a solid property manager handle the operations.

As a sole operator, you have all the policies and procedures in your head and can apply them to many properties without referring to a binder.

Airbnb operates as an interest-based algorithm, rewarding listings that grab attention and keep potential guests clicking.

But seems like they have a lot of input on how the operation will run.

Fannie Mae will allow you to transfer the deed to an LLC if you decide to try to go the conventional route, but the loan would still be in your names and you'll need to pay a title company a second time post-closing to do this  for you. 3) I can't speak for the area so no comment there4) If you're self managing, make sure you find vendors you can trust in the area since you won't be able to easily verify if an HVAC guy, plumber, etc. is trying to rip you off and tell you to buy something you don't actually need. 5) Make sure you have clear alignment of goals and a clear operating agreement that spells out what to do if those goals start to not align in the future since you'll be jointly obligated to these properties. 

When I run the numbers based on these rents, the property operates at a negative cash flow.If I increase the studio's rent to $1,400 per month, the property becomes cash-flow positive.