I know the process is different than 3rd party management, as all will be onsite.

Collecting rent from someone oftentimes shows courts that both parties viewed this as a landlord/tenant relationship VS a squatter. 

Second part: I am an experienced contractor.

The hardest part is getting started.

No more long term tenants with dirty yards and houses and cars up on blocks.c) Neighbors love them (except of course for the party atmosphere which has declined rapidly as AIR and VRBO have clamped down on that crowd)d) economic impact - most cities make millions more from TOT than they would without STRs, improving the quality of life for many, particularly the lower classe) the increased tourist activity brings in big $ for local restaurants, breweries, museums and the likeWell I'll stop the rant, you can see where I stand.... :-) Best of luck in your RE career if you go that path.... 

The only thing that would concern me would be if you were related parties. 

And is it possible to clear willingly transfer interest to the other party to refinance under one person's name or LLC? 

The lender we used at the time had specific requirements around second homes, mainly that it couldn't be rented out for more than 180 days, that it couldn't be under 3rd party property management, etc.

If you can ignore that part I would appreciate it.

It's fairly common for parties to include only a property address in the contract... when what they need to do is provide all Tax IDs associated with the transaction.