If not, I'd tread extremely lightly. 

He does this in extremely busy cities where flights get delayed and people suddenly need a place to stay, and often check Facebook for recommendations. 

@Rich Emery if you're not EXTREMELY organized, you'll spend every day with your "hair on fire", making critical mistakes that cost your clients - and you'll get burnt out.Don't forget to research the licensing requirements of PMCs. 

@Justice JacobsThis opportunity was teed up for us, but our business partners with the operator’s license and know how backed out due to the an extreme increase in insurance premiums that really tore into our return.

If you have this extremely valuable experience already under your belt owning 2 properties, why dish out a potential down payment for property number 3 over to a mentor or coach?

IRR estimates are extremely sensitive to the exit cap assumptions.

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.PM us if you’d like to discuss this logical approach in greater detail!

The cost of living is extremely low compared to other cities and you can still many many positive cash flowing and 1% deals here.

But assuming I feel extremely confident in the proforma numbers, does the structure seem fair for the risk and requirements from each party?

Vacation homes take some planning, I personally think shooting for break even profit/loss with a vacation home is a good tax strategy but if it is a cash cow I would gladly just pay the tax as you still come out significantly ahead and if you have one I probably wouldn't bother with a cost seg study unless you are getting extremely high rents.