First, is the $35k the annual rent from each condo and is that coming from the STR activity report from the seller?

One who is active still and recently did a case study write up like this is Don Konipol, the other pops on every now and again and did a BP episode many years ago Aaron Mazzrillo so search those two names and read some threads.A more likely scenario is not what you mentioned as the ever growing note/value deal, at least not as outlined.

If one of you actively manages the property, pursuing Real Estate Professional Status (REPS) could unlock full deductions against W-2 income.

If you haven't already joined the social media sites (same name as the book), I highly recommend them. 

(You are automatically an affiliate when you sign up) That being said, I'm not a very active affiliate.

Upon move-in, appliances, cabinets, floors and walls all had built-up grime and residue from your habitation of the home.Infestation of bugs, pests and rodents-There was no attempt to treat the house for pests, as evidenced by the more than 15 spiders we have already seen in the basement, and the live, active wasp nest in the patio fence.Floors, stairways and railings in poor condition-The carpets are stained and smelly.

Door knock, cold call/text, mailers, social media, etc. 

I personally benefited from this when I first started and now provide my signature to partnerships I am not as actively involved with.

This would be an easy decision however I do not think you can come close even with you being active in the process.  

This requires a lot of marketing and intial investment into your furniture, activities, etc.