They both own thier own management companies as well, so they understand the needs for investors when it comes to insurance.Best,Brad 

However, consider STR seasonality, local regulations, and management demands, and ensure your equity loan and new primary residence costs fit comfortably within your budget.

Self-purchased and managed.

If not ask to speak with a manager.

How would you manage risk? 

I did three thiings to rent the unit.......First I put an ad up on Craigslist, and Zillow rental manager which cross posts to trulia, postlets and another I cannot recall.   

I have not, I stated dealing with her manager who I do like.

Even if you manage to find an office with an existing tenant, their lease could be approaching expiration, and without plans to renew, it can take an incredibly long time to secure a new tenant for the space.

You will learn the time and effort required of managing such a unit.  

For example, you could create a weighted structure where a percentage of profits is based on cash contributions, and another portion compensates for rehab or management efforts.Rent Payments and Tax-Free Profits:If you structure it as an owner-occupied property, the rent you pay could be shared proportionally, but tax-free gains on resale may only apply to your share, as you’d be the owner-occupant.