I'm currently overseas with limited ways to communicate with others besides email.

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.

From a partnership agreement perspective, you can set it up however you'd like.

The "Set it and forget it" mentality, I think, will limit your listing big time.I do all of the pricing across multiple listings. 

Last month, I pulled the trigger on getting my first real estate property ever and decided to go with a 4 bed, 2 bath new construction to limit all the variables involved since I am still in college.

One other thing that I am constantly seeing is the set it and forget it on 3rd party platforms.

Earthquake fault zones, flood plains, and high fire hazard areas are off-limits.

Setting rent significantly above FMV could be seen as an attempt to shift income or inflate deductions, leading to potential penalties.

I don't mind setting things up on platforms like AirBNB and VBRO and even setting up my own website for direct bookings. 

It is a fairly signinificant set up fee and monthly charge.