I'd go with the first option-keep it in your name and divide the cost by 3.

One option is to fix it up & then borrow on the equity sort of BRRR style.

That said, the key - number one role, of any STR is to optimize revenue and STR is all about marketing and positioning the offer (the listing) - getting the pricing, photos, and copy correct in addition to delivering an A+ experience. 

Hey Dominic - It really depends on your goals/strategy/current position...Are you looking for something turnkey or distressed? 

There are HELOANs which are second position loans that you can use, typically 30 year fixed.

Hi Michael,So there's negatively, neutrally, and positively leveraged debt.You don't want negatively leveraged debt because you need to bring money to the table each month to pay for the bill.Positively leveraged debt throws off cash each month.

I'd prefer not to give an entry code to lots of different delivery drivers if possible.In this position I'd wait until packages actually started getting stolen before doing anything, or maybe I'd get a Ring doorbell or camera. 

In regards to skip tracing, find and use a company that has flexible pricing options, volume discounts or discount memberships; this will keep your cost of skip tracing down.

It is an option for sure, but I'm not fully committed to it yet.

The cost of living is extremely low compared to other cities and you can still many many positive cash flowing and 1% deals here.