@Jaz Patel, @Brian Garrett has given you the simplest answer, but remember that each of those requires a lot of legwork up front, and each has its own learning curve.

(there's still so much to do at that cabin to make it even better, but like you, I'm too busy to get it all done right now and I've got to get it making money)My thoughts on what to focus on: launching an AirBNB listing is going to be your simplest way to start, and least expensive.  

In the simplest terms you supply the deal and they supply the capital.

One of the surest ways to ruin friendships is to borrow money or do deals together.You also run the risk of offering a "security" which has SEC requirements....Most states the simplest is;- 1 lender buys the property and rehab, they get a security deed, they are a debt lender- you the owner and manager get the warrantee deed.They have no say, just get some interest rate arrangement.   

I always like to try the simplest things first. 

.$1250/mo rent might be still high for the location and condition of the house - we don't know specifics.You hav to consider all the ingredients of the mix and this one doesn't look like an investment at all.You have to buy with a discount at least 15-20% of MV......otherwise it's not a deal.Then, the Rent projected has to factor all real expenses: taxes, insurance, %% on mortgage, HOA if any, utilities and other holding costs until it's rented or sold.

Lots of ingredients. 

The simplest way is probably an LLC taxed as a partnership. 

In the simplest analysis thats $6000 annually on equity of $75K. 

Cash is the simplest.