Sure as long as the roles and responsibilities are clearly laid out in an operating agreement Are there too many risks with that and do we buy it under an LLC? 

Might as well go through the exercise of seeing what you could likely walk away with...and then what you could do with that money.If you can't hit a number that works, keep renting it...if you get the magic number sell it and move on.

My thought is the cash flow may be better than long term rentals, providing me with a mechanism to more easily role into a second or a third property.

Now, as I stand on the brink of the rental phase, the decision on furnishing is a real conundrum.Key Questions:Furnished or Unfurnished: I'm keen to hear your experiences and the factors that played a role in your decision.

I would just recommend only partnering with people that you really trust and make sure that you have legal documents clearly explaining everyone's role, expectations, and contributions (both financial and work wise). 

Leader of Real Estate Investment Firm Admits Role in $658 Million Ponzi Scheme and Multimillion-Dollar Tax Evasion ConspiracyAnyone heard of these guys?

@Joseph M.Yes, Sidney Torres is actually one of my role models!

If you don't like it, don't do it...but don't actively wish or take delight in the fact that others MAY be failing or getting the due on sale clause exercised.

I've worked with many investors who sought a life style change and wanted to take a more passive role in their real estate.https://www.biggerpockets.com/member-blogs/7993/48729-are-yo...

From the Fannie Mae guidelines:provide the following statement: We [I] agree to indemnify you and your successors in interest in the [mortgage] [deed of trust] opined hereto, to the full extent of all losses attributable to a breach of our [my] duty to exercise reasonable care and skill in the examination of the title and giving of this opinion.I think the threshold for proving a breach is pretty high.