They did this while they continued to work in plumbing and dry cleaning until they retired at age 62.

They want each guest to personally come and provide the information and payment (possibly for their own liability insurance).

Lenders title insurance policy should be obtained and all documents properly prepared and filed accordingly.

This includes the seller maintaining property insurance in their name with the buyer added as additional interest and mortgage payments being made from an account in which the seller appears as bank account holder. 

Also, explain how you'll share the acquisition costs, such as the down payment, renovation, and closing costs.Payment Responsibilities: Explain how to divide and pay for regular costs like mortgage, property taxes, insurance, homeowners association fees (if applicable), and upkeep expenses.Management and Maintenance: Agree on how property maintenance, repairs, and improvements will be handled, including decision-making processes, funding for these activities, and responsibilities for performing or managing the work.Single Decision Point: For example, I've seen situations where one person agreed to replace an appliance while another strongly opposed it.

The first mortgage, taxes, insurance, etc on this property have all been paid as agreed during this time.

My wife are in escrow on our first rental property purchase (in the Columbus, Ohio market) and are underway with inspection, finalizing the loan, getting quotes on homeowners insurance, interviewing property managers, etc.

@Dayana Castellon the only marketing that would make sense is marketing Airbnb & VRBO are NOT covering already.Maybe market directly to insurance companies looking for rentals for their clients needing temporary housing while their fire-damaged home is being repaired.Corporate travel departments might be another option.Hospitals with resident doctor programs.The challenge will be doing this marketing efficiently enough to make it worthwhile.

example: Car insurance liability coverage is to $300,000. 

Make sure your insurance also allows for the AIRBNB.