Consulting a tax professional or financial advisor familiar with these rules would be a wise step before making any decisions.

Even if I were to rent it out on Airbnb, the cash-on-cash return isn't very attractive.Specifically, I’m concerned about:High mortgage payments and the financial strain it could cause if the property doesn't generate sufficient cash flow.Cash-on-cash return is low, even with high-revenue short-term rentals.My Questions:Risk Mitigation:Any strategies I can use to mitigate the risks associated with owning a high-value property with a large mortgage?

Unfortunately, some renters will say anything—even things that make no sense in an alternate universe—to avoid responsibility or financial consequences.

Here are some tips to help you negotiate effectively:Know Your Numbers ColdBefore entering any negotiation, understand the financials of the deal inside and out.

Prioritize your financial stability.

Also any tips for automating this as much as possible and how to protect the property financially and property management would be appreciated.I ALMOST understand the rental arbitrage strategy if building a company scaling with say 30 + units and looking for high short term cash flow.  

Hurricane Helene shows us that natural disasters are part of the risk in REI.

The key is to ensure the HELOC doesn’t turn into a long-term financial burden if the partnership doesn’t pan out.

@Ezra Avery you might want to read below to understand Classes of Property/Tenants.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

.: Quote from @Travis Biziorek: Hey Greg,With $750k to work with, you're in a great spot to make a serious move towards financial freedom through real estate.