@Brittney Yang first red flag is it doesn’t sound like he’s that interested in long term holds but the primary reason for partnership is expertise in renovation and secondary reason is balance sheet and income to help get financing.Regarding reason one, I would offer to compensate him for his time in assisting you and have a very clear scope of what that responsibility is.  

 @Sheri Fluellen, I completely undersand and I hope it works out for you.

Unless the property needs work and the seller is desperate, you're not going to find a seller willing to do any sort of seller financing on their end. 

I bought my first "investment 9 years ago and I can now say that property has changed my life. 

I can get her to sell to me for the current mortgage balance of$150k'ish.

Congrats @Emily Pena - I'm also an agent (working mostly with investors), property manager and an investor myself (currently owning 26 rental units). 

As it reads, a pro-rata share is "equal to the Purchase Price of Participation divided by the Outstanding Principal Balance of the Note."

When it comes to stocking your STR with essentials, balance is key.

I have my own properties throughout the area, and have worked with many contractors, PMs, lenders, insurers and attorneys that I can recommend.

As I see it, the only ways that real estate pays you well in the first 3-5 years is low to no leverage or a strategy that requires more work (short term rental, mid term rental, rent by the room, etc.).