I typically don't comment on other's businesses unless I know from personal experience.

Be that person who set's up some STR's there, runs em there, and really caters it to the US "bucket list" tourist. 

I was thinking if I can talk to my neighbor about sharing the cost (I, the landlord, personally provide labor and my neighbor provide material (e.g. fence pickets)).

Personally, I wouldn't offer SubTo or a Wrap, For reasons I've written about fairly extensively. https://www.biggerpockets.com/forums/70/topics/1227199-the-m...However, I would sell on "Lease Option" and that may work for you.

For instance, said property manager manages maintenance issues, problems that arise during bookings, basically anything that needs a physical person at the property, while I manage the rest?

. =) It's literally the most transparent and traceable transaction medium mankind has ever seen lolThe transaction can be traced, but not the person.

Any recommendations on Houston REI groups that meet in person or virtually?

Personally I wouldn't feel comfortable trying to wholesale a relatives $1M home knowing that I am breaking the law if I cross over into doing anything that can be considered representing them in the transaction, and knowing it will only be marketed to people who buy properties wholesale (typically investors who don't want to pay retail prices), instead of the majority of retail buyers active in the market who are typcially willing to pay more. 

I personally use 40% but I'm also in a higher rent area.

they're not magic.are you going to in-person / informal meetups?