In our area they just passed a regulation that says that after 3 complaints they can pull your license to operate.

Does he have good operators while the owner is away in FL.

Any operators here that has experience using a funding company that does JV/Preferred Equity to fill out their capital stack?

It's a great way to get started IMO.But understand, at least in the market I operate in, there is no such thing as being "section 8 approved" before you have a tenant.You need to find a tenant, sign a lease, and only THEN schedule a S8 inspection.

This setup allows for a more predictable cash flow since the landlord is not regularly footing these bills.Lower Management Responsibilities: Because the tenant handles most of the property's operational aspects, the landlord's management burden is significantly reduced.

Is this typical for such old properties, or excessively high?

This home is turn key from a seller who has decided operating a STR is not for him.

@Geoffrey Rickaby if you're going to be recommending PMCs, you should better understand how each operates to protect YOUR reputation.My manager wrote a blog series here on BP about interviewing PMCs, but if I share the link here the BP moderators will consider it self-promotion:(

Yes, typically, the lenders will account for "hard costs" associated with the deal as part of the initial down payment / equity from the borrower. 

To get work inspected and permitted is typically not super expensive so just do it the right way.