Dont see anything to suggest some satanic cult... just crappy tenants and a unit that needs a big rehab

Also, be careful with any contractor recommending or suggesting you pull an owner-builder permit as this is usually a sign they are unlicensed or unable to pull their own permits.

I suggest you turn your moment into the best learning / earning moment.  

Does anyone have experience with this and have a suggestion of which to go with?

Here are a few suggestions on how you can maximize the wealth of information available: Check out the blogs and podcasts, or take advantage of the search feature (magnifying glass).

Any suggestion on where to start getting information on this subject?

Can't give you suggestions for financing, but for where to buy look at Alberta or another province without foreign buyer. 

For your specific question about doing a JV on the loan, my suggestion would be that both go on the loan and then do a separate joint venture agreement...because you can not have an LLC on the loan for those loan types, they need to be in your personal names.I am not a lender so maybe one of my lender friends could chime on exactly this would work @Zack Karp, @Michael Facchini, or @Jose Valdovinos?

I'd suggest checking in with some social service organizations within a few miles of the property to see if they work with people/populations in the area looking for this type of house.

Quote from @Himateja Madala: Hey folks,I am brand new to STR's and am here looking for suggestions around STR in Kissimmee area.