These kind of arrangements can go south so fast....All it will take is for one of you to meet someone new and it's all over.I'd go see an attorney and get some real advice on this, it's way too much money to be asking people on a Forum...

Many brokers make and arrange these and will do most of the work.One drawback is you don’t have 100% control since it’s usually majority rules or decisions are deferred to the broker.

Clear financial arrangements, including financing terms, usage scheduling, and ongoing cost contributions, need to be established to ensure transparency and fairness among co-owners.

If so, how does it work and where do you find owners interested in such an arrangement?

We did ALL of the 'other' stuff; found, analyzed, inspected, bought, arranged loan (that we both had to sign) and all ongoing property management.

It all depends on the arrangement you and your partner can come to terms on.

I know the "Flower Alley" has some trendy STR's that do good.

Some material or book that helps me understand which arrangement does what for asset protection and taxes would be great. 

I agree with others that flat fees are generally better arrangements for "simpler" projects.

Lawyer that arranged the title search for me believes so too but isnt 100%.