Hire a property manager that properly screens tenants and checks up on the property for you.

I’ll check them out 

Also you need to figure out how you intend to cover inevitable property damage done by guests but there are plenty of solutions for that in the marketplace where guests pay a flat fee per reservation in lieu of a deposit and you get covered for an assortment of potential issues (bad checks, credit card chargebacks, fraud, personal property damage, etc.)  

Quote from @Jason Weng: Check out RentWorx.

Just checking my math.This is obviously after all expense , depreciation, cost set, property tax write offs, 20% etc.my question is are my assumptions correct? 

Do not give them anything until they are out and you've checked on the place. 

You can have an attorney draw up some kind of partnership agreement, but that also cuts your ROI and increases your expenses potentially for tax advise. 

You've come to the right place to learn anything and everything about real estate investing.Be sure to check out the "Learn" tab at the top.

Be sure to check with someone that knows the local STR rules and regulations to make sure you can legally do it. 

You may not ask for a dr. note of any kind.