Your friends might not fully grasp their financial situation at all.Stash that entire $2k cash flow into your business savings until you have enough in reserve in your business to cover vacancies. 

It is very overwhelming to get into the real estate business with so many people already in the game. 

It is a competitive business and you have to really love hospitality (in my opinion) to get into STR, passive or not. 

If you don't want to get your lenders in trouble, pick up a copy of Lend to Live in the BP bookstore for both of you to educate yourself on how to do it the proper way so that it's a true business transaction and not cutting corners just because you know each other personally. 

I am making this my big push, as it is a win-win right now, alongside my property management business.

Let’s just say that this was not a good start to my RE business. 

I have a business opportunity to partner with a friend in purchasing  Property.

If you're uncomfortable with documents, get a business lawyer to write them for you.

He replied that he was working with his management to get resolve in this issue which he agreed was bad business.

I don't want to have to open another LLC and file taxes in another state for business.