Many ways to skin a cat, but some brokerages dont enable all of these avenues - thus important where you see yourself sourcing from. 

@Kyle Swengel you could invest in a syndication opportunity to learn the business and also build a reputation for having skin in the game when talking to your prospective investors.

Add a deposit for her, as liability for you have changed.I would not raise the rent, but she needs some skin in the game if she is to be on the lease.

Agents or managers who are not going to manage the home have no skin in the game.The key part of your posting to me is this:  "If and when a tenant is not an ideal renter then the investor probably wish they had the property manager in place still to pass the drama on to someone else."

Since I don't have any skin in the game, is it too much for me to ask for a 50/50, or even 60/40 (60% me, 40% them) profit split?

They have more skin in the game then you do.Make sure you get clear title.

-Mike  @Michael Durante The main downside of DPA programs is that since you have no money/skin in the game you pay more interest.

There are many different examples available and a variety of ways to skin the cat.

(While not the end all, those that have skin in the game should have a good sense of the market performance).- What's a realistic cap rate for STR's in the area?

So for a person with little to no track record, expect to get grilled and a lot of no's, or getting focused direction as to the "skin" you have to bring into it and so on, they will not be quick to tell you how "easy" it can be because it won't be.