I know that I could save some money by continuing to manage the property on my own, however, I have concerns about being out of state and not having eyes on the state of the home (leaks, damages, etc.) and of course, parties.

Issues with the property at closing: low water pressure, aging roof, several lights not working, dated interior, water stain under HVAC unit, damaged decking (burn hole & rotting boards), old appliances, holes in drywallAnticipated cost to renovate:  $22500 (includes roof, repiping from old galvanized pipes, renovation of currently empty unit)  The currently occupied unit is TBD on cost, the tenant has been in place for the past 3 years.   

For me its not so much the first time guest, its for the returning guests that took care of you place and you are able to offer them direct booking which is advantageous to them since they don't have the platform fees to pay.On the flip side you do have to setup your user agreement and have damage insurance in place like waivo or other services.

Sorry to hear about this and it's definitely important to watch out for Ponzi schemes.At the same time: many syndications require an investor to sign an NDA to protect their confidential techniques, sources, customer lists etc. from competitors who could damage them otherwise.

Thanks for the info @Marcia Maynard, seems like whatever investors decide to put in a bathroom or home for that matter, tenants always find a way to damage things. 

. - First window order arrived damaged and incorrect specs.

This, in turn, would also damage my reputation that would follow me wherever I go.

Interestingly, they've recently negotiated a re-purchase price with us IF we bring new funding to the table.The rehab is required for several reasons: (a) correct the damage the bank has allowed to happen to the property improvements these past few years (known problems include completely destroyed pool makeover; wild animals living inside the residence; flooring missing in sections of the rec center building; destruction of the decorative main entry gate mechanism; lots of dead landscaping; as well as latent defects not known to us such as working plumbing, HVAC & water services) AND (b) expansion & upgrading of the accommodations (converting the private residence to a 2-story lodge with the restaurant/bar, reception/check-in, movie room, public restrooms, gym/sauna/steam room/massage therapy room; enlarged pool & deck area with climate-controlled cover for year round use; conversion of former restaurant/bar building to a general store selling venue collectibles & wearables, selected pre-packaged foods, sundries, RV & camping items, bagged ice & a propane refill station; construction of a free-standing event center; free-standing cabins; enlarged & upgraded RV park with its own small restroom/coin-op laundry building; outdoor activity areas; new landscaping & fencing; new parking area & entry drives (personal car & RVs).We know our target audience having created and operated the former version of this resort for almost years creating an initial membership base numbering about 1,100. 

I have enough money saved up to pay for a house using an FHA loan but I feel like I would be screwed if the house was damaged and I had to pay thousands out of pocket to fix it.

Will they try to make unapproved modifications to the unit and then leave you with the damage when they move out?