As for your agent contact, don't get tied up with the first one you meet.

So again, the problem remains, in 5 years what do we do?  

If I were you, I would break down the remaining $25K of expenses further as this might be a little low to me.

If title remains in the seller’s name, any kind of lien/judgment could get attached to the property before you finish.

Talk to an attorney who creates LLCs re what he/she's seen in 2 party real estate partnerships.Just my experience and what I'd do going forward, having the luxury of not NEEDING more income or hassel and certainly not being tied to potential PIA partners.- I have the deal, I dictate the terms, period

I would charge a pro-rated amount based on the number of days the place stayed empty, any other expenses you acquired to re-lease the place and return the remaining balance.

I am a massive fan of mapping out SMART goals tied to a year.

It's also much less risky from a financial standpoint: Less cash tied up in the property, less debt/lower debt service, and generally have more possible exit strategies. 

Just a recommendation...but with 3 months remaining on the lease.

As a former self-manager myself, I always advocate self-managing, but only if you have "TIE":  Time, Interest, and Energy.