If they'd like to use their funds in this manner, you can invest together.

Does anyone have any experience with this area and do you think that we would be able to sustain a 60% occupancy in the off season?  

I understand the factors driving it are different that the last Phoenix bubble, but are these prices sustainable over the long haul? 

This is the first time I have worked with an investor in this manner.

When an area becomes a sustainable, high growth market like Nashville, returns become increasingly residual. 

I rent out an 1100 sq ft single family home which sustained significant water damage to the kitchen in November from leaky plumbing.

No matter what metric you end up using, always remember it goes back to sustainable Cash Flow.

although this property may ultimately be 1031'd, the split in equity in the house between my wife and her parents makes the sale quite messy. we feel like we need to divvy up the proceeds in a manner where we would have to assume the tax bill since legislation can always change and the 1031 benefits and step up in basis at death isnt always guaranteed.Thanks!

I can NOT fix things for a rental adequately or in a timely manner.

It's just not a sustainable business plan.