I'm not a CPA and haven't been an accountant for years, so check everything I'm saying with a professional.Since you're renting the entire house, you claim all revenue and deduct all expenses.

Typically, they like hearing themselves speak more than they like to actually help people...If they were so good at what they were talking about then why aren't they out there doing it more instead of trying to come up with another revenue stream "teaching people"...Oh they're just so altruistic they want to spread their knowledge? 

Our revenue is tracking what we originally projected.

And you and he could split revenue as you see fit.

All revenues and expenses flow into and out of the same bank account that is separate from my personal/household transactions.

When you're staying there, will you the normal hotel services such as daily housekeeping, etc.5) When looking into the possibility of buying a property, is it fairly customary to ask the seller to show their income/revenue stream from the past 1 or 2 years?  

Again as an example, the benefit is a regular monthly income in retirement, the risk is that the cost of ownership will be more than the revenue (mitigated by using only 1/2 the HELOC so a lot of capital remains), and the tradeoff is that I am leaving money on the table by paying off the mortgages in 10 years (to increase cash flow) and that by using a property manager I am hands off, but I am not maximizing returns.  

It's revenue has exceeded our initial proforma.

Medium-term rentals are a great way to increase revenue in Austin.

Little advice from my experience in corporate world: X% (80-95%) of the workforce is engaged in doing repetitive business that brings in revenue, the other 100-X % is creative employment that device new ways to finding leads and business opportunities, that help corporate advance further and grow. eXp realty is what i have seen to be more successful in the digital real estate world but i would ask you to vet your terms with any other successful company, you pick best 10 and ask them what your terms are if they can accept them. best of luck, vishu