I've had bad experiences with two different property management companies in Columbus that stemmed from them not taking timely action on repairs that cost me a lot of money and also not identifying obvious things in inspections that led to higher turnover rates and increased the time that it took to get the unit ready for the next tenant. 

Depending on the price point of the property and the market you are in the cost for certain things can change.

Idea on cost to tackle this?

Example:Mortgage approval up to $600k20% down payment = $120kClosing costs = approx 1.5% $18,000Furniture costs approx $30,000 based on $20 per footv at 1500 sqft homeMoney partner agrees to contribute all necessary cash approx $168,000 to purchase and set up STR. 

Vacancy/turnover is very costly.

What are other questions we should discuss in advance.any advise, any sample document.Thanks look at 10 joint venture deals before you do one. talk to others in other markets. if he isn't smart enough to negotiate capital or JV deals or structured finance I wouldn't touch him. every cost should be fully transparent with their margin. similar structures with investors in columbus we are the general and everything is negotiable. he should also be qualified talk to a bank first. we take title in a single purpose entity we are the LP less than 20% and the qualifier and the main investor puts the cash and gets the loan, I'm also licensed and normally sell to out of state investors. 

I need $33,500-$40,000 to complete the rehab including cost of permits, labor, and materials.

There is more upfront cost, but if your vacancy is low, then you can have significantly more income over time. 

That house will rent for less than $3,000 a month so you'll have nothing left to set aside for vacancies, property management, etc.Learn how to crunch numbers, then work with a professional that can help you understand the true costs of a market.

Another investor of ours wanted to grow their portfolio and their goal was to diversify out of the west cost.