I haven't thought it through in detail, but I'll need to have some mechanism in place where if a tenant reaches some amount of gross revenue per month, that this arrangement automatically terminates.  

I would definitely be interested in hearing more about the financials, as that seems biggest hurdle for me right now. 

The biggest thing is to make sure you have some kind of income or savings to live off in the next few months. 

The biggest issue for dealing with OOS investing is the technology; make sure you research your boots-on-the-ground company to ensure they have paired with the right technology that will allow for easy communication and quick access to updates on your project, especially if you plan on not being on-site regularly.Make sure the "connections" you make with other GC's or REI professionals, that they are licensed and insured and can provide references for their work.Join local groups on other social media platforms and start discovering the midwest market virtually by hearing what others are saying/recommending and what areas people are investing in and with what REI strategy.Indianapolis is a great market to get into right now because you absolutely can stretch east/west coast dollars further.

I'm betting the really successful Airbnb properties are stand alone properties (the owners are not living in them) and with the loss of revenue it may make sense to sell and conserve cash.

Here's going to be the biggest issue with ML - What is the future going to be? 

The biggest issue is finding someone else. 

As a general rule of thumb, landlords should dedicate anywhere from one to three percent of their total annual revenue to marketing their property.

But if the equity or rent revenue is gone, then what's the "asset" really worth today?

Depending on the improvements you've made, you may have a good amount of equity in the property.Brandon Turner's first property was a live-in-flip, as described in THIS ARTICLE.My biggest concern would be over the dust/dirt factor during construction.