A second STR in a market with year-round cash flow potential might balance out your portfolio and give you more consistent income.

Instead of having multiple SFH or duplexes that would potentially require a more hands on approach?

If the property has solid appreciation potential or you're building equity while learning the ropes, it could still be a good deal.

Escalation clause is an attempt to combat that potential lie.

If I put myself in the shoes of the outside partner/investor friend, I would be very concerned because: 1) unclear and/or potentially conflicting business plan, 2) even with clarity in the BRRRR business plan, unclear in the viability of pulling it off with these market conditions, 3) the chances of dispute seems very high, especially if you're going to live in. 4 years ago, I went through a  similar thought process when purchasing an investing property with mainly my family money, while considering an outside investor to rehab for higher STR ROI... 

@Diana Teng there are a LOT of potential pitfalls:(So, it's vitaly important to not just find someone that you think you can trust because they tell you what you want to hear, but you find someone that their processes seem a good fit for what you want.EXAMPLE: we do BRRR Turnkeys for clients and take numerous vides we share with them - initial, worst state of any demo, when HVAC, plumbing, electrical update BEFORE walled in, before any major payouts and of course a final walk-thru video.One thing that's accurate from all the HGTV renovation/flip shows is that you should expect and plan for surprises!

I have a pretty large emergency fund in place for those properties, but I wonder if that capital could be better employed elsewhere (potentially acquire another property).  

Account Closed Hi Rhonda, If honest I spent about $8,000, some say its a lot, (my parents did) some say its small when compared to many programs out there, either way I took a leap of faith and saw the potential it had for my future.  

Looking at refurbished houses in the area, potential value of the house could be $130-140k range.

The Midwest offers good cash flow potential, and Cincinnati stands out for its diverse economy and solid quality of life in an affordable market.I just wanted to share my experience to show that turnkey deals are still possible.