If I had partners and was paying for a service to a 3rd party anyway, avoiding SE taxes wouldn't be my focus so I would probably try to do it.  

You have to have a strategy to prevent these things...and I would think you don't always want to leave that to third party property management, that you want to do that yourself.Probably in most cases if you're just going a few times a year, and you're going in peak season, probably cheaper in the long run to rent hotel rooms or other STR vs buying one if that is your motivation.

@Carson CampbellThe lack of communication on their part is annoying, it the norm for a couple tenants I have though.

It works best in suburbs that allow the most unrelated parties and reasonably-priced homes such as Arvada and Lakewood. 

How can you ensure (in a contract) that both parties receive equitable stake in the property?

Both parties sign, both parties keep a copy, and life goes on.

A friend of mine wanted to host a big summer party for a large number of friends and had to cancel it when he found out he needed consent from all neighbors. 

Insurance means a 3rd party may pay out.  100% different things.  

@Andrew Cowles, a very good question.In my state, and your state may differ, the upset price is an "unofficial bid" by the moving party.

Hottest part is Northeast.