I did most of the legwork, as expected in a mentoring arrangement, he put up half the cash, and he's more established credit history.  

Earn respect and trust through action.

If not, you should do that to clearly establish the boundary lines. 

You are already losing money for some unknown reason, you know tenants do not respect a lease when they decide to leave right.

Is joining an established team a good route?

I think it’s a wise strategy to try to establish your listing on Airbnb, Verbo / HomeAway, and maybe even TripAdvisor (which seems to have totally stumbled In their integration for flipkey and booking.com which is clunky but a potential future giant in the space).

My overall plan is to continue to utilize a 203K loan, as I do not have a substantial down payment yet, but still want to establish myself in the market.

If you're flexing your pre-established parameters it might not end well.

Is joining an established team a good route?

The purchase price would need to be closer to $240K or rental rates would have to increase $625 per unit (not likely).Get good comps to establish a reasonable Value and confirm the Rental Market rates.