A deal this small wouldn’t make sense as a partnership unless the original intent was to scale and grow together assuming this deal works out.In regard to the financing, if you can’t get it on your own without someone else’s balance sheet and income then it would be very difficult to untangle that partnership since he’d be a personal guarantor right along side you.  

This is of course assuming that a cash buyer makes an offer of the price you’re asking.

There's other items such as this where it may be helpful to talk to a CPA/EA for a little tax planning, especially since you'll likely get caught up in the passive activity loss limitations if taking bonus on a single rental property as I often see.It's also useful to mention that even if you do the cost seg study (I'm assuming you're doing one to be talking about this), you'll still benefit from accelerated depreciation in the form of shorter useful lives on the assets where you received bonus from.

I saw that description listed on a few units and assumed it was hyperbole. 

Upon inspection, they found sanitary napkins and assumed that was the issue.

I would assume a greater emphasis on quality of materials and workmanship (and consequently higher rehab cost) for a rental where the investor will have to deal with the longer term implications of any corners that were cut.

given your experience, I would assume that you're OK with a slight to moderate level of rehab?

Apologies for assuming the worst, but the post feels more like a pitch or marketing content than a standard forum post looking for help or providing subject matter expertise. 

If you don't materially participate (and assuming this is your only rental), then REP status isn't available.So, we typically see REP status with MTR and LTRs... but not needed with STRs.

----------------Vinod,I'm assuming you're referring to the properties in Ocklawaha.