There is no universal method, but how you want to approach it may factor into your investment criteria.

One method, you could look in areas and find STR's that have very open calendars, an obvious point they dont have rentals, and reach out to them.

The key takeaway was the importance of planning carefully and adapting as needed throughout a full renovation project.

Houston Listing Agents, What methods have been working for you when selling a home? 

What sucks about those methods?

Regardless the method used to determine each partners value-prop, you've given up control of the deal and a ton of leverage by not establish this in advance.Now, you've crossed that bridge and can't go back in time, so utilizing the structure that @Joe Villeneuve stated is similar to what I've used and works well.

The Binder Method is a strategy that encourages tenants to request a rent increase by showing them real market data—creating a win-win situation. 

Adjust as needed and keep adapting when required to.  

If those timing methods don’t match, totals won’t reconcile.A practical way to simplify year-end reporting is to track:• Gross rental income (per booking)• Platform/service fees separately• Cleaning fees separately• Refunds/adjustments separatelyThen reconcile monthly to actual deposits received from each OTA.

Even if you do FHA on the first one, conventional loans will typically require only 5% down if your living in the property, there are caveats - from my experience you have to be upgrading if your going to do that method but I really like the Nomad method for investing in real estate, especially getting started!