We hope to get familiar with this process and to then simply replicate it to more homes and maybe work our way to a MF home after the initial one.

I’ve found plenty of resources for the management of them, but not as many on the initial setup (from a distance).

I use gross rent multiplier as one of my quick initial metrics, and I aim for a GRM less than 10 typically.

He’s Asking $290k (from which we’d subtract the initial $15k deposit for a total due at end of 12 months of $275k)ARV is $350k on Airbnb and should pull in approx. $4.k monthly revenueWhat would you call this type of deal and is this the best way to structure it?

AirDNA shows 82% average occupancy for listings in this category this year, average per night ~$575 and most are not as luxurious as this particular home and I suspect that with some excellent marketing we could do $650 or more (but would want to be conservative in our initial calculations).

Location and cost were the initial items that appealed to me.

Some things to note are that we are investing as a 3 person group, we are hoping to get our first property(our offer has been accepted and is now in the due diligence portion), all 3 of us are on the loan and will be on the deed for our initial property, and we plan on pursing an attorney for future properties, exit strategies and whatever else we have to cover.

I had commitments for the entire amount within 27 hours of my initial email, and eventually had a waitlist greater than 100%.

If they both signed the lease as you initially indicated then for one person to get the deposit OR to split it evenly you need a request from both of them to do that. 

@Ryan Genson I actually did miss where you initially said you're looking to do STR's.