For your first question, writing a scope of work (SOW) involves detailing all the tasks and materials needed for your project.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

However, my work involves a lot of late nights and it’s starting to take a toll on me, especially with two young children.  

My advice to you is that syndications involve more layers of what I would call "Middle Management" - which takes money (profits you might call them) to fund.  

If an early buyout opportunity arises, I’m happy to secure a solid return for all involved.

Undoubtedly, the biggest regret is getting involved in the short-term rental market.

Renovated: Added granite, high end finishes and fixures, landscaping, new flooring and painting throughout.

I'm in Milwaukee and I have heard of a lot of bad stories involving this type of scenario...mostly involving out of state investors. 

You must know something about it already, since you got involved in it. 

Make sure utilities are available, and that you have tap fees included in your estimate, as well as engineering (site plan), architectural plan, and other bits you might need to consider for your market (landscaping and costs of sale, for example).