The purpose for setting it up as a STR was simply to help defray the cost of owning and maintaining the property, but again we feel that the time we put into it is taking away from our quality of life with our family/kids.We're looking for advice on what to do with the property.

And 2nd, because the statistics simply show persons with __% equity have <__% likelihood of defaulting and those at __% have higher and higher likelihood of default. 

If you're using hard money simply for the purchase and plan to refinance, the hard money would actually require less than long term financing.

Then you get down the rabbit hole of integrating platforms and automating your workflows which takes a lot of massaging and some technical skill. 

Murphy's Law or a hole burning in your pocket? 

As if you purchase the property and update the kitchen from simply an out dated look that is not necessary but is recoverable.Essentially, if you get served a redemption notice you have to put together the line item costs that the redeeming party must pay to you in order for you to surrender title back.  

As a new real estate investor this is simply too large a project for me to try and tackle, but I know this forum is full of quality investors who care about their tenants and are always looking for a deal!

You need to pull a permit, then the Contractor has to take down the coping and bond beam a couple feet, then core holes in the pool floor (so it wont ever popout of the ground).

I simply told anyone from his team that I have talked to that I do not want to partner with Kris and give him my money.

Simply take an owners draw for whatever you can afford.