You should be able to do that fairly easily.

I would say the MOST important things are 1) communication with your guests and getting good reviews, along with 2) having a vetted team (handyman, cleaners, etc.). and 3) document EVERYTHING regarding issues and Air BnB will take care of you (without documentation you're out of luck).

He told me that given that I was still fairly new to investing (5 years) that I should consider the benefits of having the extra cash on hand either for emergencies or for future down payments on additional properties.

I believe in keeping very strong communication with my tenants.  

When expenses come up, owners pay based on your partnership agreement.This is the fair way to do it.

But, if the cost is fairly nominal, maybe under a couple grand, and you have no experience in real estate, including owning your own home and hiring contractors for that, then it is likely worth it.I would always start with a deep assessment of where you feel you don't have adequate knowledge.  

If there is a problem, the Architect/Designer would be in communication. 

However, by staying on top of project management and maintaining clear communication with contractors, we overcame these challenges.

It is best feel out your broker/loan officer to see if their knowledgeable, experienced, and can communicate with you when needed most. 

Communicate with the lenders to let them know I'm the new Deed holder.What other considerations should I take?