As a co-owner and manager of short term rentals, I can say that winter requires more creativity and effort to make the numbers work.

Also, @Michael Guzik, I would recommend Smartbnb if you want to make it as passive as possible (other than leveraging a co-host).

I work in Allentown and we are just launching a co-working space near some of the new construction in Allentown.

The fact that you are on title and a co-borrower on the loan would suggest to me that you would not owe any taxes on the refi proceeds. 

If I think of name of book that would help I'll pass it on.Also.. some people are in new in life,, young, no credit.. this is possible,, they haven't had need to pay for anything with other than cash... banks, use cosigners, so do car shops,, but in rental once you let them have a co-signer then you have to let other's have a co-signer.. and that breeds low income..Better to have them pay a huge deposit, and have them month to month.. or not at all, then to open up your applications all to having co-signer..

Wife on the rental agreement, her husband signed a co-signer agreement for one year.2 1/2 years later, she is our best tenant. 

First, you need know if there is a mtg, as the lender will be a co payee, and will have to release the funds After the repairs are done.

You could look into a co-hosting option, where Airbnb provides you with a local host who will manage your property. 

If they are sourcing the deal, doing the dirty work, and trying to learn on the fly, what makes a co-sponsoring deal attractive, if anything? 

Geek as a secondary job.My experience in real estate started with helping a co-worker gut and renovate a flip.