Add in that rent appreciation has a correlation with property appreciation and it implies the property likely is now cash positive with even a small increase in the cash flow having a big influence on the return due to the low amount invested.50% LTV (approximately your case) cash neutral RE has a 5% appreciation implies a return of 10%. 

What you are considering increases the likeliness you will end up with your house going into foreclosure and you will loose it.Have a substantial emergency account.

It would behoove both you and your investors to know that taxation is different for a long-term "vanilla" rental vs a rental in which substantial "hotel-like" services are offered.Usually most AirBnB can avoid the substantial services, but it's good to check in with your tax CPA/EA before you pull the trigger.

It had no impact on the case, but gave me a funny feeling that I had some sort of influence (probably not much).

In fact before I started working with them, I already had substantial business and personal credit.

To the OP question, the general game plan certainly can sound that easy but the impact and difficulty of the task have some influence as well.  

But your rents will likely be substantially different for the two properties.

Real estate investing is always risky, but being a general contractor mitigates that risk substantially.  

Once you understand that the property functions as a profitable investment property, then and only then should you look at the property as if your going to occupy once side.Some people can live rent free in a duplex, others can live at a substantially lower cost but not rent free.

If this becomes your major investment and requires most of your capital, plus a substantial amount of brainpower at the expense of missing other opportunities, I'd back off.