This means more than just providing a clean space; it involves thoughtful touches like welcome baskets, local guides, and amenities that cater to your target audience (families, business travelers, etc.).

You have to calculate based on a more than a few things like loan amount, down payment, taxes, Insurance, (Any HOA) PMI, based on credit, etc.If you are 1099 the Bank can look at the most recent 1099/Schedule C if you have been in business for 5 years or more with a 25% ownership in company or more. 

Business accounts still get the market interest rate. 

Any thoughts or ideas to make either model work the best (selling on contract or renting)?

I am currently looking through different markets and reading as much about the details of making this a business as I can.

I had to put money on a personal credit card and I had to open a business credit card to cover. 

I am about to purchase a property in Miami Beach to do STR, and I'm so excited to start my Airbnb business venture. 

You could just hire him to build; the PM piece shouldn't be tied to the JV - they get the business if they do a good job and it should be equitable fee's for the area. 

They are a Purchase & Sale Agreement, Title Report, Power of Attorney, Disclosures, Closing Statement, Payoffs and a business card to a good attorney to get you out of the mess you will create if you try doing this on your own.But use somebody, like us, that actually knows what they are doing to learn this.

Even though they are family, I recommend you treat them as business partner in this scenario.