It shouldn't be that expensive, but you will need a bullnose metal edge which probably won't look attractive in a classic house like this.Here are before / after of hardwood on a flip I did 15 years ago

Magnets attract.

And as @Kenneth Garrett said, check out the legal definitions of hotels, motels, B&Bs and tourist homes in the city and county laws. 

For a higher-class property, I want everything nice so it will attract nice renters that stay longer.

The higher your screening standards, the better potential tenants you'll attract, even when HH. 

Would it be attractive enough if, let's say, I offered the partner 60% of equity and future cash flow?

If you market to pigs, you get hogs...One thing I've been doing that I have found really helps attract better tenants is raising my property rents a little higher then everyone else. 

Thanks BP for attracting such diverse and interesting guests!

That is *THE* most expensive education there is.As another poster pointed out, one of the key skills you'll need is to learn how to analyze properties.The next will be learning to attract private money.

I was hoping the fact that he can make money from the job itself as he normally would and the equity afterwards would attract him into partnership with me.