To me at my current knowledge level, this deal only works if taking over the loan - to limit the out of pocket money to acquire the property since the outside reno and new septic would take up the bulk of rehab costs. 

It's just going to be harder than you thought and will take longer than you expected to reach the level of success that you likely aspire to achieve. 

High level of white colar workers and college educated people.  

It is not your credit score but generally better credit will result in a better score- Time at your job- Education level- time at current residenceGood Luck & feel free to PM me if you have any questions. 

For example, you might agree to a 70/30 or 60/40 split, depending on his level of involvement.

The loan is with you, not with your tenant, so none of that means anything to them - in fact because you live in one unit and it's under 4, if you were self-managing you don't even have to abide by fair housing laws (at least on the federal level). 

People have brought up interesting ideas to help you get to the next level.

My 2 cents: it sounds like you've got to pick a lane and stay in it, become an expert, and level up in that lane.

If the guest feels slighted, there is no fact checking service provided by AirBnB to confirm their claims, so it is up to you to let future guests know the level of professionalism you provide.If you are able, I would recommend editing your response to the 1-star review.

You'll likely need a higher down payment if you can find anyone willing to finance something like this as a first time investor; many require some level of rehab experience at the very least.