@Marques Barton - I've had almost an identical experience as you.

One of the great mysteries of STRs is all of those numbers can be correct depending on how you manage. 2 identical properties side by side can be wildly different revenues. 

Co-hosts can also leave reviews.The co-host does not have access to your payment nor payout settings so this helps from a fraud prevention POV. 

Or do you simply assume all contractors do the same work, the same way, with identical materials?

It was gutted completely down to the studs from the remediation company and we paid $262,000 for a 4,800 sq. ft. home that had sold for $949,000 2 years prior (fraud between the builders and buyers) but in a neighborhood in 2006 before the market crash that was a $750,000 neighborhood.

While I agree that you have risk from the person running the syndication - fraud, competence, experience, conflicts of interest - all of that needs to be evaluated. 

I am assuming the units are not all identical? 

Make sure you take the prepayment penalty into consideration and refinance out of it before you occupy it to avoid mortgage fraud, but lots of lenders allow "lives with family" as a substitute for a primary residence mortgage history.

Do you have insurance to protect you against suits for fraud or misrepresentation of value?

I'm 100% T&P in Florida, but same rules in TX- unless you are physically in the address, that is considered fraud, so I would advise against that.