Three properties and all rocking it, kudos.

In addition to learning by experience, you could be forming a rock-solid partnership that could offer resources and options you didn't otherwise have. 

Make sure that your financing is rock solid too.

We have small lots in an ocean front community and everybody has some kind of rock(we had lava rock- I hate that stuff).

Unless you have a rock solid reason as to why the equity will be a significant return in a year or two, I would look for something structured differently 

Worry is like a rocking chair. 

Bush was in office, “Terminator 2: Judgment Day” was in theaters and C+C Music Factory was rocking the Billboard charts.”

Why not just use a band of Gypsys...that'll end well

Rise of Resident-Owned Communities (ROCs): Tenants are banding together to purchase their parks, seeking to control their housing costs and community future.

Before going into this, though I would be very conservative in your analysis of cost to renovate and what you think market rent (along with increases in taxes and insurance) would be so that once you are ready to refi into a longer term loan, your DSCR is rock solid and so is your cash.