Depends on how will be doing all the leg work and putting up the financing. are you experienced or is the new partner bringing the experience. if you are putting financing and leg work then I will go with a higher %. if everything is split evenly then you can go 50/50 on profit. please create operating agreement to avoid issues later down the road.

Make sure your numbers are accurate as during the rehab it can hurt you and become a big lost if you don't have the right numbers. your best bet is to partner up with some experience as the first deal can make or break you.

If your not willing to rip out wooden floors then you may try a strong cleaner with special enzymes for breaking down the smell.

The city isn't currently strong on policing BUT you could get into trouble if one of the neighbors is an str hater and documents the guests/nights.

I was a Personal Banker before that which gave me some good exposure to lending, primarily doing refinances and referring new purchases or larger deals to a mortgage partner.

NOTE: I like your idea of syndicating this asset and also bringing on other, more experienced operators/partners for your first one.

@Cameron Strong Do you have a contractor's estimate on the cosmetic repairs? 

Maintain the property and begin implementing strategies that promote tenant retention before you need it.Buy in Fundamentally Strong MarketsThe temptation is to chase yield in speculative areas without a strong local economy, but don’t fall for it!

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Most buyers with strong credit end up with better loan terms through the conventional program.