I picked a random house for sale in Salem, near the lake, but tweaked the # of bedrooms and guests.

Who knows what will happen with the RE market.....Now, I feel scared to buy with a 1K negative cashflow with these interest rates and prices.... 

.* And for low performing properties one of the features i really like is you can make a change to your listing - lets say update the property description, log it, then see if this makes any chances in your placement.I'm not affiliated with them but think its a great tool to turn around poor performing properties - assuming the STR is competitive compared to your competition.I agree with Henry that you can probably do better self-managing IF you have the time and appetite for dealing with guests and learning the dos and don't....Heres is the turnaround of one of our Floridas STR that was lagging - now back to near the top on the first page.  

At a certain point, the concept of reciprocity will kick in and they will feel a need to help you.

Do you feel your association is adequately prepared? 

From what I've heard it can be very very profitable, in the right area with the right guest avatar.

Fix n flips and new construction where your intent is primarily to resell do not qualify for 1031 treatment.There is no statutory holding period although most folks feel that anything more than a year is perfectly fine. 

I currently have W-2 earnings and realize that I can buy a STR, spend 100 hours fixing it up and staging it, and perhaps manage to get a few guests before the end of the year.

idk, i feel like there are necessary details missing here. but i'm also wondering if it would make sense to just reallocate the percentages based on what each person is bringing to the table. it would've been easier if you did have an LLC whose operating agreement you could just change. there's also the 'lazy' 1031 or 'reverse' 1031 where you just make the sale, then strategize with your cpa on how to offset the cap gains for that year. also worth noting: 1/3 of something is better than all of nothing. it sounds like it's not really that partnerships aren't working, it's moreso that you feel like your % is no longer fair? 

@Parker ErnsthausenYou should investwhere you feel you have a competitive advantage.