I would really appreciate to get some feedback about how extensive your cleaning procedures are when you are doing a turnover.

Then you can write off some pieces like carpet and appliances, but most of the rehab will be slowly deducted over many years, known as depreciation.And if you plan to sell it in 2020 - then and only then you get to deduct all construction costs and utility bills against the sale price.This was just a brief intro, the real picture is more complicated.

It's a very equitable way to structure the deal and especially if you're co-investing a significant amount you can keep a lot of the deal yourself, and complete control so it's very clean.

The same amount should be set aside for capital expenditures (roof, paint, carpet) and you have nothing for that. 

Double up on their living space.For the true long term homeless having access to nice clean (maid service) and hot shower and free soap will probably be a nice luxury.

If he's selling his equity due to the divorce, you may want to keep things clean here.

I’ve even committed to partial deposit refunds if the vacating tenant meets all my conditions at move out - no damage, cleaned spotless, etc. in order to have the unit re-rented as quickly as possible.

Especially if you know it will be a clean inspection? 

Property management for short term rentals are mainly two parts - 1. everything that you do online (guest bookings, customer service, price optimization, etc) and 2. everything that you do offline (cleaning, maintenance, etc).

The house was built in 2004 and is a very cosmetic flip needing only landscaping, paint, carpet and a deep cleaning.