There's nothing honorable about making a smaller profit.

For example, several of our clients last year did not have a primary intention of profitability. 

As more people placed more properties in STR inventory, and as more municipalities taxed and regulated the industry, the profitability of the overall industry has reverted to a much more aligned (lower) risk adjusted return.  

I've found other investment strategies to be far more profitable and far less demanding to operate. 

There is way too much risk here and no profit.

Budget carefully, prioritize high-ROI renovations, and adhere to strict timelines to maximize profitability.

They won't always be upfront about this with you but if know they're selling because they want to retire, that opens you up to different options vs if they're an investor just selling for profit.

Be sure to factor in repair costs to keep things profitable.

-To your success, Zach Lemaster, CEO Rent To Retirement---https://www.biggerpockets.com/business/page/3497https://www.biggerpockets.com/users/ZacharyCole/referenceshttps://www.biggerpockets.com/forums/92/topics/765347-rent-to-retirement-reviewhttps://www.biggerpockets.com/forums/92/topics/1116050-a-huge-win-with-cori-from-rent-to-retirementhttps://www.biggerpockets.com/forums/850/topics/895660-my-first-investment-property-an-out-of-state-dealhttps://www.biggerpockets.com/forums/88/topics/1047543-big-profits-from-new-construction-sfr-build-in-cape-coral-flhttps://www.biggerpockets.com/forums/92/topics/983659-first-investment-property-with-rent-to-retirement?

To establish a 50-50 ownership in both the property and future profits, you'll need a formal agreement outlining each person's contributions and rights.