Am I wrong? 

Would love to learn what happened Mike, were always looking to improve our service for our clients and if I can learn what went wrong, I can prevent it from happening in our firm! 

@Rajagopalarao PaidiYou are doing nothing wrong.

Even their still under construction web page is wrong. 

It isn't wrong to do that but they want to see that the owner of the property is in control and that isn't you.There is a risk that they might take a look at those other properties, but if they are doing well and following the rules, their probably won't be a problem.Having said that, it is AirBNB and sometimes the stuff they do, don't make no sense. :)

There's nothing wrong with either, as long as it produces quality work.

As long as everyone is willing participants and they are not being coerced in any way and are willing participants I honestly don't see anything wrong with it, her body, her choice applies here. 

Leaving aside if the JV is the best way to fund and assuming its not a scam than the fee is probably a very wise business move because a large percentage of the deals you see are from people who are delusional or are not taking numerous things into account (delays, closing cost, wrong comps, time, etc.).

You are asking the wrong questions... you are coming at it from a fairness point of view when you should be looking at the numbers and keeping the tenant happy.

@Jay Hassey,Their is nothing wrong with being skeptical.