I am concerned about it being done improperly, prettied up with paint, which many people do with even house flipping as I did this for a number of years, and then a short time later after everything is done and everyone exits, it all comes apart and you are left fixing it.

I totally understand the hesitation to dip into your non-retirement savings—that’s a common concern for many first-time flippers.For my first flip, I leveraged private money funding.

I'm concerned that if I place an ad to find people who will work on an hourly basis (in the area of the property) that I might have a hard time finding people who can reliably respond to emergencies during off hours, but I can't afford to have someone working full time or with standard on-call rotations. 

I am less concerned with the monthly revenue and more with the overall profitability per year.I will also say that with most seasonal rentals, off season can mean zero occupancy. 

As much as equity sharing is profitable for you, it is also a way to show your clients “Hey I am here for your success as much as you are, and I have a personal investment in you” which is an incredibly inspiring model.I would however say maybe scale your equity based on the current state profit margin of your client, or even work in a sliding scale so it doesn’t turn off potential clients who may be at a slim profit margin as is and are concerned about it getting any slimmer.

You have bills to pay, it's sad that they have issues but it's not your concern and your bank damn sure doesn't care. 

Are there concerns like location, zoning or land use, or is it simply about passing the inspection if it's a residential use?

The agent is willing to work with me and offered to pay our agent a referral fee but that they would need to be in the deal someway since it was their opportunity - which I honestly understand and would not try to snatch from them.I was concerned with the pros and cons with either route - direct or through an agent.

All very unlikely.Also, I'd be highly concerned about that 18% vacancy rate you'd be buying into!

I am concerned about theft during and after renovation so a policy that can cover that would be of utmost importance.