I would be managing the scheduling calendar and running the operation with the help of local cleaning crews and a caretaker in the area.

You could use the operating agreement to set up ownership percentages.   

I personally don't trust "turnkey" operators because their definition of turnkey rarely matches ours.

The apartment operators like myself have realized this and we add washers and dryers, stainless steel appliances as a way to attract residents as well as keep them.

Then reach out to these experts and find out how they operate. 

Anything similar that I need to take into account for operating expenses? 

Are you referring to reducing vacancy or increasing other non-operating income in order to increase cash flow?

I’d love to hear others’ thoughts on this.I think a lot of new things need to fall into place under the "new normal" with which we are currently operating before we can predict anything.

(Before we had a partner/coach with a track record, we were submitting LOIs on deals - and many times we were the highest offer and STILL not getting it because they went with an experienced operator who they knew could close it.)

So operating expenses divided by effective rent should be at least 50%.