I would narrow your search to who is the most reputable, hungriest, and priced well for the work performed (not the cheapest). 

If the work looks like it was performed by inept home owner or handyman, it will get more scrutiny.  

GPs will either need to perform well (communication, good return, etc) or they will be challenged to get LPs.- The best cash flow in this market is achieved via STR, MTR, or rent by room. 

If a Cost Segregation Study had not been performed on this $1,200,000 warehouse located in Orange, California that was purchased in 2018, it would have had first year depreciation of approximately $10,225.

Evaluate Realtor Performance: Reflect on your realtor's performance and consider providing feedback or seeking a different realtor for future transactions if you feel your current realtor did not adequately represent your interests.In summary, your realtor should have proactively checked the status of the POS report and communicated any issues to you well before the closing date.

Their first deal but we are also seeing a lot of investors asking for bail out loans who are cash poor as some of their investments are not performing / cash flowing well and want to take equity from one to cover their costs.

So I just saw this post about Section 8 HUD tenants, and this post stated something along the lines of section 8 tenants being more likely to damage properties because they're section 8 low income tenants, and also something about investors not wanting to put money needed into Section 8 properties because they think they're just going to be ruined by these Section 8 tenants, and as someone who knows the entire process with investors, owners, contractors, tenants, and prospective tenants, this is what I have to say about it:In my experience, Section 8 HUD tenants are actually better custodians of the property because of many factors, but 3 of the main reasons being, there is an annual HUD inspection that is performed on each property, so this gives the owner an extra 'protection vector' against damages, also, the initial placement of a Section 8 HUD tenant requires a passing HUD inspection, therefore there's a record of the property's initial state prior to move in, and additionally, they want to have an easy renewal voucher process annually, and their unit remaining in good condition is an incentive for those reasons, therefore they are LESS likely to damage a property - their future depends on it!

I'm pretty open about my out of state investing and share a lot of resources, performance metrics, etc.

You might want to include clauses that adjust the split based on performance or time invested.Potential Risks:Market volatility: The Georgian real estate market might be subject to fluctuations.Regulatory changes: Laws regarding short-term rentals or foreign ownership could change.Currency risk: Since you're dealing with EUR in a non-EUR country.Overestimation of Airbnb income: Ensure your projections are conservative.Renovation overruns: Both in time and cost.Partner relationship: Ensure all terms are clearly defined in a written agreement.Regarding the 70% rule, remember that this is typically used for fix-and-flip properties in the US market.

When I was at Hersha we used this approach for 3rd party hotel management engagements and for service providers who performed services on behalf of the hotels my employer owned/managed.