I don't want to bite off more than we can chew with managing a full reno while we learn the ropes. 

As a family-run business we’re curious—what factors do lenders prioritize most when evaluating projects like ours?

Do it very intentionally, not just for the sake of scaling up, but to get better quality or easier to manage properties that will replace lower quality or harder properties. 

Very good resource for getting set up with STR property managers, cleaning services, realtors, lenders, etc. https://www.getchalet.com/

Ironically people that tend to be good with reno projects don't tend to be so great with money. 

The seller is out of state and even visited the project a few times to check on the progress which I think helped him feel good about the whole deal as well. technology made the whole process a lot easier in the interim.

I did manage to make some good connections but networking inside of M1 is just like networking outside of M1.

The primary risks at this point would be       1) to your lender, the risk of a margin call.       2) To you; underestimating the true cost of a project and cost overruns      3) To you; legal risk of securities regulations if you partner looses money. 

- Who will manage it?

I love the fact that I don’t have to manage the property as with rentals and can invest from anywhere.