Having a reliable handyman (even if they re simply on retainer or you have a good relationship with them) is the biggest difference maker.

I think you’d find that it’s pretty easy to self manage, you’ll retain your profits, and there’s something nice about having your hands on your own STR, when hospitality is key in this business. 

In addition to $3,800 in attorneys fees...I had a $10,000 retainer sent to the lender that they haven't accounted for yet and I doubt They will refund me for all of my money they wasted

Just my observation.

@Chad ReynosoI would go with an attorney - your going to have more confidence that all the legal ramifications are known and observed in growing your business, having the right docs in place, staying up to date with with compliance regulations', etc.

You will need to remain the majority owner and you retain 100% financial liabity for the loan repayment.

He will retain the other 50% ownership and we plan to operate it as an STR.

I'm a total newb myself, so take whatever I say as mere observation. 

After a year, we will refinance the property and return all $250,000 to our JV partner - our partner retains ownership long term with none of their capital in the deal going forward.

If a tenant fails to report such a serious issue, it's usually more than enough justification to look into eviction options and retain the deposit (depending on local laws).