Maybe your area will be different, but that size property fits insurance claims, corporate relocation of a family, etc.

Liability implications are somewhat scant as you would likely be sued for negligence if you were ever to be sued and that would likely pierce the corporate veil. 

I bought just over a year ago on a NNN lease corporate tenant that filed Chapter 11 on us 7 months into our new purchase and left us with alot of fires to put out with the State of Oklahoma and other local governments.

It has been recently introduced and is supposed to put a cap on the cost to install utility hook ups for new construction and ban hedge funds and corporate entities from buying single family homes in California):SB 1210"This bill would, for new housing construction, prohibit a connection, capacity, or other point of connection charge from a public utility, as defined, or a special district, as defined, for electrical, gas, sewer, or water service from exceeding 1% of the reported building permit value of that housing unit.

Some time ago, I spoke with our corporate counsel and other attorney's I know at industry conferences over the years on sub-to they all agree it's a slippery slope.

We've looked into and are pretty convinced we would like to make an LLC to manage the property (although if anyone has any reservations about that, we're open to other perspectives), however we aren't sure if we should make the LLC in the state we are buying the property in or if we should make an LLC in another more "corporate friendly" state.

They're all corporate booking sites (Airbnb, VRBO, Booking.com, etc.) 

One big corporate owner runs the show and you pay when they want to do anything to the complex.The 25% looks pretty good on paper.

Would personally guaranteeing the loan be something that would pierce the corporate veil? 

I have been contacted by multiple corporate housing companies that would like to secure long-term leases and then operate it themselves.