A partnership requires three things to be successful - Experience, Capital and Time.It looks like you have the capital and experience but maybe not the time.I have my doubts about this working if you have a friend who has weak credit and a limited cash flow.

Miami is still doing well, Fort Myers is adjusting and has lower real estate than 12 months ago, etc..)My simple thought, for what it is worth, is choose a place to live and not invest in:  choose the location you and your family WANT to live in ( because of the schools, taxes, weather, other family there, etc...) and then buy and do real estate there (and get whatever licenses you need once you start third party management).I wish you well!

My experience in Massachusetts, where it took nearly a year to evict a non-paying tenant, has made me more selective about the locations I invest in.I am looking forward to learning and sharing insights with this community! 

Thank you  The good GCs charge 20% but this does not equate to your savings because the GC will have better contacts, have namer experience coordinating contractors, be more familiar with permit process and expectations of the inspectors.  

Does anyone have any referrals for property managers in the Los Angeles area who specialize/ have experience in mid term rentals? 

I personally do not have experience managing rentals.

Looking to see what other feedback people have from their experiences.

While most of his experience is with new construction rather than remodels, he’s already given me a few pointers and is looking into potential referrals for me.

That's probably what I'd do first unless you just have no experience doing these deals at all. 

Events like this give the opportunity to meet and talk to investors from all over the country, doing different kind of investing, and with a varied amount of experience.