- If you and your friend are aligned from a value perspective- then yes it makes sense to go into business with a friend. 

Many times I discover the highest and best use doesn't align with my investment strategy or doesn't make sense from a profit perspective given what the seller is asking. 

We face a dilemma as we embark on this venture with a clear business perspective, committed to implementing best practices in property management from the start, including engaging professional property managers.

The Springfield Real Estate Investor's Association (I'm a member) is a great group of people (a mix of highly experienced and newly interested, but all above-board and ethical--the leadership doesn't tolerate shenanigans) and many in there are invested in Branson STRs (many also have STRs in Springfield, which of course caters to an entirely different market, but their perspective has been interesting).

They would essentially gift the money from the lenders perspective, but from the 1031 perspective the funds will be transferred directly to escrow at closing so it may satisfy both sides.

Their perspectives have been invaluable in highlighting the nuanced balance between the challenges and rewards this venture entails.Self-managing, especially given the property's distance, presents unique challenges, primarily revolving around the commitment required for regular maintenance and promptly addressing tenant needs. a property management firm I'm considering offers a fee of 9.9% or an intriguing maintenance-only service at $95 per month.

Think of the property value from the perspective of relatively flat land without atypical construction costs.

Beside it, whatelse I can do to protect myself from landlord's perspective? 

@David Kelly Exactly the perspective I was hoping for.

I'd encourage you to find them for some perspective to contrast the wet blanket mess I'm about to drop...In my personal experience, the only reason it made sense was b/c I was able to 100% loans for the purchase, with interest rates less than 1%.