Be careful.

Are there other more creative ways to start cash flowing in year one Be careful because federal mortgage fraud and going to jail is a real thing.

She would be putting all the cash down for the property and I'm a contractor and would take care of all of the rehab work along with finding the house, dealing with real estate agent etc. how can we make it so that it would be 50-50 ownership of the property and all future profit? 

You can still use a property manager for on-site tasks, but your own activities—like managing bookings, marketing, and bookkeeping—must be well-documented and exceed the property manager’s time.It’s important to carefully track your hours, especially if you’re managing remotely, as this can face additional scrutiny from the IRS.

We have our own design team, contractors, and real estate agency under one roof, which saves time, cuts costs, and improves communication across projects.

Now the situation has occurred that we need to rent the house out in order to help pay for his long term care expenses. 

That is like trying to sell a tofu burger to an animal rights activist having to disclose that the building attached to your tofu burger joint is a slaughterhouse you also own where they slaughter baby cows, and using the exact knife that slaughtered the cow to cut the tofu.

My thought is to BRRRR it and refinance, and they get their cut of the equity (which I assume would be split 2:1:1).

Higher-quality areas attract tenants who are more reliable and tend to take better care of the property.

They are billed as "a scientific approach to single-family rentals" and use "institutional grade property management," which usually means they are a tech company in real estate and likely either don't have the existing property management relationships in each area or you chose an area where they don't have enough units through Roofstock for the PM they chose to care.