So, again, an opportunity to take on less risk initially to get the learning curve out of the way.Bottom line - your approach doesn't have to start out one or the other. 

They just bought it last year, so not much equity, still $760K on the mortgage. 

What if they change the terms on you last minute?

Make sure it is Scotchguarded or something along that line and you will be fine.

And what is your price point and are you looking for a turn-key property or something along the lines of a "fixer upper"?

As far as home office no longer being an IRS "red flag" I guaranty that if you put a home office deduction on a personal return on Turbo Tax it will move their audit risk needle.

I was debating if I should partner with a friend or family member who is willing to work on a property together. ill be sure to make sure things are done legally and fairly so no one get short sighted and things don't get messy.

In my opinion, an in person meetup > an online connection.You may want to consider making a connection here and meeting up for coffee or attending a real estate networking event.Best of luck!

Can you speak on how you source granite slabs cost effectively?

There's the Marshwalk, which is a cool outdoor boardwalk lined with restaurants and bars.