That's the million dollar question and depends on whether your activities rise to the level of a trade or business.

From a high level it seems like your numbers work.  

Over the years I have been able to come to some pretty good price per square foot scenario depending on the level of work needed.

They don't know what your finish level will be when you're done3.

Vrbo used to be king here in the Smokies, but it has mostly leveled out between them and Airbnb.

Owner gets newness euphoria of opening a location and sales rush in but if the operator doesn't execute at a high level for customer service, fair pricing, and consistent great food time after time then the customers won't be returning on a regular basis if at all.

Even if you hire out the management, you need to be reviewing how the property is preforming and manage the managers.Of course, you can start breaking these down even further, but at a high level, if you can get these three pieces done you will be well on your way.

But moreso if there is a different level of contributions and you want to reduce one partners contribution before you start distributing equally . 

This job is typically 100% commission, but being that it is not an entry level position and I am an entry level candidate, they have offered me a decent sized salary to supplement me until I can establish a foundation in my area.

You want to identify the areas that are in the highest demand by watching inventory levels and sales.