Quote from @Linda Roberts: I won't even allow a cosigner from another state.First, you are putting yourself in a tough situation with three or more unrelated tenants, but that's a discussion for another day.Second, I won't allow a renter without income unless they pay their first three months in advance.There are too many variables for me to make a decision.

I assume you put in all your expenses in Quick books?

This will allow you to put down a 3-5% down payment, compared to 25% if you were to rent out both units.

Purchase price: $225,000 Cash invested: $40,000 Bought my first fix and flip which is currently under remodeling and will be putting it on the market at the end of this month.

The profit should be split based upon whatever agreement the two of you come up with.It would be unfair for you to put in the majority of sweat equity as well as the training involved to have a 50% profit split.

@Shardea Miller My advice to you would be this:  Put together some type of presentation, designed to 'sell' people on the idea of allowing you to rent their property for airbnb.   

I'm wanting to get started by putting our HELOC to work - either doing a BRRRR or a flip.

I transitioned to MFH via syndications and have put most all of my new money there the last few years as I got tired of the tenant headaches and also my ROI is as good if not better.. 

Notify your tenants, ensure they are willing to participate in showings, and put the property on the market.P.S.

You will then have a few options with that rent money....you can put it into principal or you can start saving it to purchase yet another property.