Spreading funds across 2-3 properties could provide diversification and steady cash flow.

If you want to know what I coach or my program, a simple Google search will provide the information.

I provide short term rental furnishing and renovation finish list that includes paint colors, light fixtures, cabinets etc.

So @Mike S. is providing the perfect solution for you. 

I was thinking if I can talk to my neighbor about sharing the cost (I, the landlord, personally provide labor and my neighbor provide material (e.g. fence pickets)).

Please note the information provided below is a layman's definition designed to provide a basic understanding for the general audience.

Where to get the most recent and accurate data for things like:Unemployment dataPopulation growthJob diversity and top employers in the areaVacancy rates (eg huduser.org)Property taxes and jnsurance costsI saw bp pro and reventure and a bunch of other websites provide some of this data, but i wonder how accurate and recent it is.

Allocate equity based on contributions: you provide the $235K HELOC and management, while your former boss contributes renovation expertise and labor.

Thanks in advance for any help you can provide!

Big things is be realistic on timing and maybe provide a mover and or storage unit deposit as they may not be able to figure that part out on their own.