I have heard of a few different ways to do this including the waterfall method where the investor receives 75% until their investment is returned and then move into 50/50. 

As far as Steven’s journey goes, I would definitely encourage him to check out multiple different strategies and see what aligns best with his desired goals and capabilities (access to capital, time, etc).

To be honest as an investor who owns dozens of units in several different markets I would tell you it's challenging to find great cashflow anywhere right now because we have both high prices and high rates.

Each town/county may permit or ban short-term rentals differently across the city.If you DM me the address I can look it up for you.

Do you have different settings than the individual listings ie longer minimum stay, etc? 

I am planning on going to the Building and Planning Dept soon anyway to inquire about the zoning of a different property, so I will make sure to check with them.

Prior to this I looked into a PM but felt overwhelmed by the differences in service, pricing, lack of clarity on what I should be looking for and requiring...

I might need a different LLC each state I plan on investing in?

How managing internally is different or the same as managing other peoples' property.  

Some lenders allow you to lock up a portion this way and still retain the difference as available credit.Is this an investment property or owner occ?