What stops the person with 51% ownership from…Hiring their spouse to manage the property @ 50% commissionHiring relatives for cleaning/maintenance at inflated prices.Blocking out holidays for their use. etc etc. 

What's really important are these 2 things.1) How much research, work connections and investigating are you personally willing to do in any of these markets? 

This initial build is funded by my cash and equity in personal residence.

I use it like others use a personal website.

If your friend is a super responsible person I’d be troubled by this.

This is based on my personal experience.

Personally I like Facebook marketplace but I get about 85% flakes who either just aren’t qualified or end up no-showing to the showings.

I personally like to use attraction or content marketing; better use of my time, less rejection (which takes a psychological toll on you) and higher quality leads.

But he has a fulltime office person ($??

I know a really good guy personally who built up his company from frostburg