I've been negative in the deep red with this house over 3 years.

Sometimes there may not be enough "meat on the bone" in a sponsors mind to share a significant portion of the promote with another sponsor, so a seasoned operator with a large pool of investors may pass on an offer to partner up.

If my STRs aren't netting me at least $1k per month I'm going to consider it a losing proposition - self-managing is too much work to settle for less, and hiring a property manager would suck up all the profits.  

Between the two programs a red-tape nightmare, but made for a successful project with very little out of pocket. 

With such a large sum of money, I would definitely ensure that I was in first position, and the property had enough meat on the bone to keep me whole in the event of a foreclosure. 

If the Landlord or a representative is unable to show you the home and let you in, that's a major red flag.Not willing / able to communicate by phone?

I see red flags.

This is not a quick or easy process in most cases, so you may have to continue to carry the mortgage for 6-12 months to make it work, which means it has to have a lot of meat on the bone to be worthwhile. 

That being said, there will be red tape, but this should make you some money in the end.

And I’ve always been a Reds fan😎