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.

It measures investment performance and helps in determining the property’s value.

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.

Either that will get the tenant to perform - at least for a period of time , or cut short a whole lot of aggravation. 

@Andrew Galloway, if you’re open to a not so saturated STR market that performs strong, I would check out the Tampa Bay Area and reach out to @Josh Green.

Often, units that are sitting on grade will see deterioration of the cooling fins, due to animal urine or other contaminants, and physical damage, both of which affect performance.

Is it worth it to do a complete gut job and basically make it new or should I patch it up and get it "good enough" to rent.

Approval for extra pets, yes: I have multiple statements about "and damages by guests, XYZ caused by guests, performed by guests, etc."  

Under IRS rules, you, as the plan holder, are considered a disqualified person, meaning you can’t perform services that benefit you directly, such as acting as the leasing agent for the property.