I don’t mind having skin in the game either, but I know using private money is key to scaling one day and would like to get some experience with it now, even if it doesn’t fund a majority of the deal. 

I recommend lining someone up before you leave for a 1 year term.  

He can in turn sale when he leaves or keep and rent out to another military person.  

The structure of the business is changing behind the scenes, but the ownership of the accounts by the business remains the same.IE if the guy who created the "Vacasa" account on Airbnb/VRBO leaves Vacasa, they don't have to start over with a new account just because the guy that initially created the accounts left. 

If all in around $435k, wouldn't she need to leave money into this deal with a projected ARV at $500k?

There is a fine line between offering a well rounded service and leaving too much in the home.I love the business and glad to be a Superhost but this has been my experience.  

This includes cap ex, repairs (will a renter leave the property in the same condition you hand it off in?

The original post leaves the door open for a challenge by the IRS, so the safe harbor of holding it for investment for two full years is the safer option.  

Hmm, what didn't you leave out?

The collateral is so so and some have preferences such as certain asset classes they will invest in, but generally speaking, you can obtain an equity deal with very little skin in the game.