One partner would be doing more of the reno side and the other would be handling more of the business/management of the property as a active vacation rental.   

Most leases have a drug and/or illegal activity clause that gives you the ability to evict within days. 

Real estate activity; unlicensed personA.(1) In addition to any other civil remedy or civil penalty provided for in this Chapter, the commission may issue a subpoena to any person or persons who the commission has probable cause to believe has engaged in real estate activity without a currently valid license.(2) Subpoenas issued by the commission shall comply with the notice requirements of R.S. 49:955.

Going forward you can separate them into meaningful activities for book purpose.  

., Northbound), bars, and a lot of development of new corner spots as well. 38th St and 28th Ave and 42nd and 28th Ave are my favorite intersections with things to do.

It's funny, the pressure of not having a paycheck almost activated a different part of my brain that became more focused, more willing to move to this area of uncomfortably when prospecting for deals and business.

Bloomberg published this article today to summarize a Redfin report that one third of home buyers in the U.S. are bidding on houses sight unseen:https://www.bloomberg.com/news/articles/2018-02-26...Most if not all of this activity occurs in hot markets.

Active involvement or passive?

Scott Carson is likely under the assumption that you are already an active member of Facebook. 

Double check with a tax pro, though.Receiving interest, for me anyway, is one of the most highly taxed activities as well.