Another lesson I learned was to have a more concrete scope of work to help create a more accurate budget and to add a buffer in the plan for things that come up that are unexpected.

For now this is based on trust (no contract between me and her) as we are very long time friends and for me is not really about making money at this point as I'm busy regardless, but more of a help to her.

I believe this is correct - doable but very challenging to qualify STR with conventional in a high-rate environment like we've been in.Sharing this article published last year on STR Loans Options Pros/Cons, etc if it helps!

I also understand id be splitting the reward/ rent but that's why I think if I can pay 50% with him or 100% alone then is minimizes a lot of my risk. cast your vote and help me out, ahah I'm new here and to the world or real-estate so take it easy on me please.

This definitely helps though.

Any help would be greatly appreciated.

The cash flow from the rental will help your lendability. 

Understanding lending and products available can help generate tax-free cash, repeatedly.

The cash out does depend on a few things like neighborhood appreciation with strong sales or renovate and refinance on the ARV (After renovation value).When you buy a 2-4 unit you get to use the rents of the other doors as income to help you qualify.

Hey @Lisa H.Checking AirBNB and VRBO to see what other STRs are bringing in will help.