.$140k offer8% interest rate20% down8% management fee5% vacancy5% maintenance 5% cap exI haven't gotten insurance costs yet but it's been suggested that I plan for $2k per year. 

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As a rental strategy for non owner occupants, it absolutely is a fantastic way to generate the highest return, that's true.....but also, and most importantly, your screening has to be on point, and without that, it won't be as effective because one bad roommate can ruin the environment for the other roommate tenants. 

Not my idea, this is from RichDad, but really good advice.I would suggest to do that on the side and think about a W2 job.

Additionally, I would suggest you run some financial calculations such as cash on cash return as well as any appreciation from the asset if/when you sell.

How keep it legal of course but more importantly how to do if effectively.

I realize that there are variables from market to market and property to property that could make VRBO more effective for a given property, but my understanding is that in general Airbnb bookings get out to such a dominant start in regard to percentage of the bookings, that VRBO and other lesser OTAs have trouble catching up.

I am looking for suggestions on how to structure a partnership (short term) that will benefit him but allow me to be dissolve our partnership after a couple years as he isn't interested in long term holds. 

They can also guide you in choosing properties that appeal to dependable tenant demographics.Access to Reliable VendorsProperty managers have established networks of cost-effective contractors for renovations and repairs.

Not sure if the upstairs tenant (heavyset person with a dog) plays a role.Seeking suggestions.