Flips themselves are hard to come by and as you said its a job not an investment. 

Her income now is SS of around $2400 and a basic 40hr office job that pays all of $17/hr, but she is retiring with this move.

I financed this property using down payment funds from 403B and a local commercial bank. 15% down from personal funds. 85% down from community commercial bank. 3yr balloon, 20yr amortization, 7% interest rate.

Is this place rundown and a fixer upper? 

I'm an Asheville STR owner and a broker on the Cashiers/Highlands Plateau.

Collecting rents is an art and a science.What you should depends on where they are with their late rents.

I've had a long eviction and a big turnover so just trying to help you avoid something similar.

AND just because you have experience and a “good deal” doesn’t mean you will be successful trying to syndicate the deal.The first criteria is does the sponsor have the general knowledge and experience in real estate, and the specific knowledge and experience in the property type/location to give the project the best shot at success?  

.: Quote from @Jay Hinrichs: Let me break your post into parts, as each concerns a different subject and as such requires a different response.1.

You profit share with them for the first 10 deals (at the higher levels) because they really are right there with you holding your hand, and as I mentioned, doing three way calls, etc. every step of the way.