However what was most unusual about Bokuden was that later in life he developed the philosophy that there was more merit in avoiding conflict than there was in being victorious in a fight.

Not only did he gain valuable insights, but he also connected with a mentor who helped him snag his first investment property in Phoenix.So, I'd say jump in now rather than later.

The question is: Do I let her rent longer, continuing to collect, then renovate before the next renters' cycle (around March/April or later)?

My wife and I had a lot of money stolen from us by a so-called property manager in Cleveland (who was later brought to court by the attorney general due to other crimes he committed) and we ended up being able to place the property with Re/Max Haven Realty. 

They will run your credit anyway later, but the bank can give you some estimates with the credit score.

I immediately sent it to my realtor and we schedule a showing later the same day.

Other option is giving a small portion of equity and splitting profits and ongoing costs evenly, but not sure how much equity to give or how to logistically buy their equity out later on if I want to keep the STR for life.

Money now is always better than money later.

A few years later, husband and wife get a divorce.

In some cases, if the ARV is outlandish or the change in value is rapid and extreme (ex: purchasing for $100k last month, appraising for $500k thirty days later), it may need to be supported by a CDA or evidence of repairs/upgrades.