Eventually a nice vacation rental on the water that we can also use for short term rentals.

Be clear on terms—percentage of equity, profit-sharing, and exit strategy.

Short-term pains for long-term gains. 

If you lack the funds to flip any other way, go for it, but do understand it's not a business model for long term success. 

I have several short-term rentals down here & am an STR expert in the area.

I agree that the best way to make money is self manage your short term rental (not AirBNB, that is a platform).

Purchase price: $550,000 Cash invested: $145,000 Sale price: $915,000 This was a home run for a long term (5 years) buy & hold investment property (I specialize in this area). - Initial investment of $145K (DP+closing)- It had one tenant for 5 years and 3 months (no turnover), and the tenant paid off the mortgage and expenses in those 5 years.- I spent around $30K to do upgrades before selling.- Sold it for $915K after 5.5 years (received $442K at the closing)- Did 1031 exchange and bought 8 SFH in NE & AL worth of 1.6M (brings $4k/months income now) What made you interested in investing in this type of deal?

I have seen it but its very short term and you are still going to need considerable funds to refinance out (6-9 months reserve etc.).

is this a long-term play or short term?   

They said they'd accept a 6 month term instead, but they're not being very forthcoming about what their sales record has been (I asked for the last 12 months just to get an idea, but they ignored the question :( ) and I'm getting a not-so-great feeling about working with them....The home is 2-stories, attached garage, 4bd 3ba, 2269 sqft and sits on a corner lot with a huge backyard (lot is approx .13 acres or 5662.8 sqft).