I own a comparable property 9 blocks away from this one which I closed on for $240.5K in Nov of '14.

We discussed everything but really, I picked most colors and wall textures, he picked plumbing supplies and windows etc.

You could simply caulk the cracks or get a bag of stucco and mix some of it with water and go over with a trowel and then match the color with paint.  

Most turn key properties we sell we own a property ourselves within a block or two.

Ive seen some Comps and it looks like these properties could be promising but from my research it looks like Baltimore is a block by block hit or miss. 

My idea is to run a website providing owners access to a reservation calendar so they can see what's going on, block off dates, etc. 

I am considering a deal in my market in which I found a significantly underpriced parcel of land blocks for major transportation hub in a gentrifying area. 

I would identify in the agreement profit splits, exit strategies, and management of the project to say the least.It depends on your strategy really...if you are doing fix and flips, then there are so many different opinions on little things like even what color to paint the walls, so as you can see, this form of investing has a lot more details that would need to be hashed out with partners.To keep it simple, I would suggest buy and hold, with profit splits, and predefined exit strategy, and maintenance. 

Several months ago I was looking into seller financing but as I did my research dodd frank was a road block.

generally it comes with a five to ten year color guarantee.