@Rachel M.For purely investing purposes, probably Memphis.

In a pure and traditional sense the turnkey provider is the property manager post sale.

@EVELYN Oye, my guess is that you'd be "investing" in this as an owner-occupier, rather than a pure investor?

Certainly, you know the area better from me, and if you confident you can sell it in the desired time frame without taking the loss, and you can afford the monthly nut, that's the better alternative.Lease option might be feasible, but won't be much different on a monthy basis that a pure rental.

I don't think trying to time the market is wise, unless you are purely a speculator.

For the split, I'd say going pure business mind of it, what does it all cost and return without the partnership, what will it be with the partnership, then what is what each brings to it worth and make some agreement the matches the differential, that would be my max split.

But as a pure rental investment, this one is not very good.

It is a purely self-serving, microscopically short-sighted here-and-now gimmie-gimmie-gimmie I-want I-want I-want action, that is it.    

With all my property's paid for, most all of the rents are pure profit-no mortgages to pay, and it makes it easy to buy 1 or 2 more a year for cash.  

Since your Miami property is purely a speculative venture investors can not give you advice that would not be in conflict with your present financial philosophy.