My wife and I are looking to relocate out of state by the end of the year, but would like to hold on to our 2 houses. 

You can search another one of my posts to give you a sense of generic rehab and maintenance costs, in the end this is the key variable in your underwriting that needs to get nailed down. 

I'd like to rent the property out for a few years, see where interest rates are at the end of the balloon, and decide whether to refinance in order to keep it or sell it. 

Have had it happen in personal houses before, it was usually due to humidity in cities with high, high humidity. 

Do you end up partnering with them. 

In the end, I prefer the long-term rental route with a good tenant though and over time when I start traveling for extended periods again, I will likely shift them back to long-term.I personally, would not purchase a property for the sole purpose of being a vacation rental - it's just not part of my investment strategy though, I have met people who do quite well with that model. 

what did you end up doing?

Unfortunately, we ended up looking into the ADU on Deal #2 a bit further and found out that the ADU, carport and part of the addition to the main house were not permitted, so decided to walk away.

I would propose re-investing all of the proceeds in additional properties in Cleveland, Ohio or Columbus, Ohio, in which it seems like you are highly likely to secure additional windfalls, after which you will own the majority of properties in Cleveland, Ohio or Columbus, Ohio.

Their pitch is great, but I'm wondering if anyone can attest to the 50/50 split, did you feel the net profit was fair, were there any additional or increased fees tacked on at the end to take away from the net profit... and if you feel that the value you get from them is worth the investment?