The issue at hand - if you don't have release prices established up front for each property and during that 5-year period you want a partial release because you want to sell less than all of the properties - a lender will require new appraisals on all the remaining properties as there's usually an LTV max covenant plus, I think, there's a regulatory requirement for the lender (talking a traditional lender, not private, and I'm not an attorney or regulatory expert, thus the "I think").  

They had to give their SSN for regulatory bodies to see where the cash came from but were not part of underwriting or on the note or title.

Also there is considerable regulatory risk with STRs, so that cash flow number comes with a lot more risk that you'll get shut down any day.

Just one, the CFO's.The exception is usually the foreign subs, as regulatory and legal barriers (as well as incentives) may mean a foreigner can't or shouldn't be an officer.

I buy at a great price, concentrate on repairs that are first, regulatory (fire, electrical code), second, raise the rents to market max, and lastly,  just makes it prettier (landscaping, fencing, paving).  

At least when the regulatory aspect is taken into consideration.

Small HOAs here in CA are a lower regulatory level than large HOAs and can be completed privately without going through the DRE, so how complex it might be will be a local consideration based on State requirements. 

From my experience these perks really helped with rentability.Just remember how difficult zoning and regulatory forces can be.

That way you get the benefit of compounding but still meet the regulatory requirement. 

Having also been in Colorado, I can say I prefer Texas as the regulatory environment (even on the local level) is MUCH less restrictive.