The bigger issues that need to be addressed by the operating agreement are how you deal with disagreements. 

If you are new to the business the most common issue is you're either locking up deals too high or you aren't finding attractive deals.

But you have to ask proactively, and be mindful of how long you stay in forbearance to avoid long-term credit issues.🔹 Insurance Challenges – Even when insurance pays, it rarely covers the actual cost to completely rebuild.

If you go with the partnership route1) You need to manage the money going in and out of the business bank account.2) File a partnership return and be responsible for issuing K-1's3) make distributions to you and your partner for cash flow that you receiveYou will likely spend many hours on a nice gesture.I may want to consider instead to give a christmas gift or a bonus for early completion of projects.

Spoiler alert- Phx is quite a saturated STR area, and many STR's (although some are doing great) are having major occupancy issues. 

We are good friends but that's also not an issue for them because they are a dual veteran couple.

For example, to get up-to-date property tax data you would need to scrape every county's tax data website (thousands of different websites, data formats, issues, etc...) then aggregate and clean the data.

Cleanliness may be the biggest issue with common kitchens.

However, your issue would be lack of equity.

One downside of MF can be the age, and insurance can be a big issue.