However, a relative of mine has also expressed interest in investing their own funds into this venture and splitting the proceeds. 

I ultimately invested $65 cash, $5k in legal fees, and $9.7k in operational expenses while owning the home, and walked away with $17.3k after a judgement.What made you interested in investing in this type of deal?

Short-term rentals are becoming oversaturated in certain markets plus anti-STR legislation is resulting in some of those properties also converting to long-term rentals.You already have the operations experience by self-managing.

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

You will be going up against larger operators with bigger budgets and more experience. 

It depends on where you want to position yourself in the market and what makes sense from a business perspective in relation to your overhead / operational costs.

@Patrick Pan, if I was operating in a state where that was a concern I would just contact their current landlord for a reference.

Meaning other investors make their market look greener than mine.

Managing the property yourself can save money, teach you the ropes, and give you firsthand experience dealing with tenants and operations.

A property management company cannot operate using the logic that it hasn't been that cold yet.