Doing a house hack you get the advantage of a place to live while you're continuing your RE journey.  

First off, let me share some general advice on finding a multifamily mentorship program.

But you have the power to place yourself in the best position to buy.

How can I structure an agreement where an investor finances the conversion and we share the Airbnb income?

Deegan and @Arda Bircan There are technically 7 Tests for Material Participation (but 3 that are most common) -> the individual 500 hour mark, that the activity of the individual is substantially all, and that the individual participates more than 100 hours + no-one else spends more time than them.Litmus Test: Are your hours integral to the operationsThe hours that qualify must be substantially all hours and have a legitimate impact on the rental activities.Activities that generally count: showing the property for rent, taking tenant applications & screening tenants, preparing & negotiating leases, cleaning & preparing the units for rent, repairs, and improvements, managing the construction, purchasing supplies & materials, inspecting the property, responding to tenant complaints & inquiries, collecting & depositing rents, evicting tenants, writing & placing advertisements, and working on your websiteActivities that don't count: education & research, investor-type activities, and travel time..

From either a safety standpoint or because the property couldn’t meet my standards of being a nice place to live (not a slum property).

What I'm seeing some folks do is trade equity to assume mortgage, especially in nicer places that got low mortgages.

I've been following this group and am impressed with the shared knowledge here.

We are each willing to put down as much as $50k for a downpayment.We are also open to considering other markets as well, but Florida is a place we'd like to live in. 

You'll need to get creative to have some process in place and it can address those issues, and it may still be a good price/value option.