But I didn’t need to worry–they had a lot of money!

It would be a tight budget but I do have money set aside for repairs.

STRs are a great way to make money, that's for sure...but it does not come without risk.

Halethorpe/Elkridge/Glen Burnie are good as well but your money definitely won't go quite as far as Dundalk and Essex as everyone has hinted about here.  

Mistakes I see people make is they plan on living there a short time and over renovate the property where they will never get the money they put into it back. 

It is clear from the interview that their main skill set is raising money and they partner with other "Co-GPs" who focus on the operations. 

If they don't, then you file a claim and hope the insurance company squeezes the money from the tenant.Get rid of this tenant.

Tell them you are losing money and can't afford to let it continue.

Just outline expectations and roles, and what each of you guys are going to do, and how properties will be acquired and how they will be disposed of, and how and when money will be taken out of the company and you should be good.

We are all about saving money on flips and renovation efforts.