We were saved because it was a high cost area where improvements add a lot of value. 

I can see why the landlord wants to use their person . . . they probably want to make sure its a quality repair. 

Legal fees in NYC can be as high as 3k-4k. 

Plus it has a nice and easy direct booking website that integrates with Stripe and allows me to chat with guests.

You will end up with bad quality and unreliable service.

The property I got is in the medical center, a $260k, 4 bed, 2.5 bath house, newly replaced roof, 20 year old AC, 20 year old water heater, all old appliances basically, high water pressure, and yeah overall outdated house that needed some touchups.

He mentioned they’ve had trouble paying on time lately.2) This place rents for $1,500 now, could be as high as $1,650 fixed up more but the total mortgage payment with taxes and insurance would be about $1,500-1,600.

Over the past few weeks, the BiggerPockets Blog: Real Estate Investing for Real has really grown in quality and content.

It seems like this is highly shark-infested waters, with lots of scams and scammers, and the actual information is difficult to obtain...

Until you have experience in partnering with others on successful projects, I highly recommend working with your partner and an attorney to structure an appropriate, legal, and viable operating agreement, be it in context of an LLC or otherwise.