I had an opportunity back in the mid-late 90's to purchase my brother-in-law's condo down in Myrtle. He was in the process of relocating to Arkansas (he'd just got married and the new wife wanted to stay there where she was from, closer to her parents). My buddy and I had gone down to Myrtle to play golf together for several years and would stay at his place. It was nice, relatively new, lots of amenities, decent location. He was listing it under current market value for a quick sale.
My buddy tried to convince me that he and I should go in together and buy it... rent it out to vacationers, and using it a few weeks for ourselves for family vacations and golf outings. I seriously considered it. Then I started thinking about the what-ifs. What if he and I someday, somehow, came to differences... what would happen? Whose name would the deed be in? Who was going to pay the taxes, the HOA fees, electricity, cable, maintenance, cleaning service fees, etc.? Sure, we could hire that service out to a company who would also oversee the listings, but still... Lots of potential there to create the type of stress to sour our friendship. And as it was - it wasn't like either of us were filthy rich and undoubtedly we'd both feel the financial pinch with additional bills having to be shared on top of our current financial obligations within our own individual family situations.
Then I also did some research on renter's rights, learning that there was always the risk of people booking and no-showing at the last minute, or showing up and wrecking the place, or checks bouncing and no way to get paid, etc. It seemed like the laws were written more so to protect the tenant than the landlord.
The more I thought about it, the less appealing the opportunity seemed. I'm glad I didn't allow my buddy to talk me into it. He probably feels the same way too, now. But he was a bit pissed at me for not doing it at the time. LOL
No help or suggestions for you, not meant to thread jack. Hope it works out.