@Sasan NemabakhshMy group is endeavoring to do something very similar to your project, albeit in a different market.My advice is to get on the phone, have a drink, and meet with as many lenders, developers, operators, architects, etc as possible, asking them for referrals in the other trades you need and seeing what criteria they have for a successful deal.

So, while my research did not find any rental restrictions for STRs I did not discover that they couldn't give me a business license (before we bought the house.)After talking with the City Planner about the situation he told me I could go through the same process that a hotel or B&B does (approval process for Certificate of Conditional Use) but it basically comes down to a City Council meeting which is a public hearing.We discussed the fact that there already were people operating STRs in the city (and obviously not paying taxes to the city since they would not have a business license). 

I'm actually meeting with a flipper this Thursday for a possible partnership.  

And yeah, should meet up.  

If I put down 50% and he puts down 50%, where and how do the funds join together and get transferred for the purchase.Once the house is purchased, what costs must be taken into account?

The house is all electric and very high efficiency with LED lighting, low flow toilets, brand new heat pump providing heat and air conditioning.The majority of respondents to my renter profile respond that they don't meet the minimum 600 credit score.

It's going to be tough dealing with high prices, raising insurance rates, and tenants who may have a hard time making ends meet. 

Meeting them at networking events and grabbing lunch and stuff like that is a good way to start.

You can meet with someone 60 times and that does not make them accredited nor does that allow them to invest in a deal using reg D 506c, which allows only accredited investors.  

Meet as many people in your area and tell them what you do.