Even our short-term rentals had a rental agreement with policies for payment, penalties, rules, etc.Here's something from AirBnB regarding rental agreements: https://www.airbnb.com/help/article/465 

@Marco Y.When choosing inexpensive kitchen cabinets for your rental property, prioritize durability, ease of maintenance, and a neutral aesthetic that will appeal to a wide range of tenants.Like @Bruce Woodruff said, I would stay away from IKEA and RTA.Consider open shelving to cut costs. 

So a $250k goal cuts you from 2500 to about 12 paid off properties.

The steps are the same, utilize credit cards, take out small loans, and make sure to make all your payments on time. 

I bank and collect rent payments through Baselane and it’s a great way to set the rental terms and then forget it since the system generates invoices monthly. 

We do have enough for 20% down payment.

Get some solid numbers on what a payment would be. 

However, If you use a bank, plan on a down payment of 20%, that's $80,000 down plus about $5,000 in loan fees and $3500 in closing costs.

Each of you are putting in half of the down payment, but I'd consider agreeing to a 60/40 split of the net income in favor of them. 

Once the lease is signed and they collect payment, they walk away.