It generates solid cash flow that can more than cover the debt service, and we're experienced investors with great credit.

Who should that person be?

What stops the person with 51% ownership from…Hiring their spouse to manage the property @ 50% commissionHiring relatives for cleaning/maintenance at inflated prices.Blocking out holidays for their use. etc etc. 

What's really important are these 2 things.1) How much research, work connections and investigating are you personally willing to do in any of these markets? 

Has anyone experienced same issue?

This initial build is funded by my cash and equity in personal residence.

I use it like others use a personal website.

If your friend is a super responsible person I’d be troubled by this.

I've seen some posts both here on BP, in local FB groups, and heard comments in person corroborate this.

Personally I like Facebook marketplace but I get about 85% flakes who either just aren’t qualified or end up no-showing to the showings.