I personally rent out 5 bedrooms in our personal home. 

You want the tenants to be accountable to a person, not an LLC.

What are your personal reasons for not working with a co-hosting company? 

I am not against it for the right person, but many people think that its a great way to get into real estate when you have no money and cannot qualify for a traditional loan, in that instance, its a really bad idea and mostly does not end well. 

@Sabina HasanGet an attorney asapEven if this person you are partnering with is a family member - their attorney works for them and not youYou will need to get a copy of all the documents from operating agreement and ppm or other documents being put together and have your attorney review them.

I can’t message directly because I’m not Pro on BP, but I’m selling through Christie Perkins of Coldwell Banker, who is the most knowledgeable person I know about the Tallahassee rental market and real estate in general in this city.

If you are pulling a HELOC or taking family money, leveraging credit cards, using personal savings it took you years to accumulate, whatever the source of money is - unless the source is endless - start small. 

I read the average person uses 17 gallons when taking a shower.    

Assuming it is a decent deal, can you offer him different terms and see if you can fund it with a smaller entry cost which might make it easier for you to find the cash (hard money, a partner to fund the cash and share in the ownership).

I personally do NOT pre-screen.