A formal business built on this seems overkill as you’re essentially paying someone for a service that already has standard model.If you and the parnter have distinct business tasks/abilities (i.e. not what you would hire an agent or contractor for), such as off-market lead generation, that’s a different discussion.

Which essentially puts some standards in place and a good guideline for handling all things in the company. ie. company mission, telephone standards, tenant screening process, etc. 

Going to the meetups is essential to build your network.

STRs are essentially small hotels, thus they are usually taxed similarly to what hotels and motels are.

You're essentially partnering with the seller/owner in this scenario.

I'd essentially have 2 units out of the garage.

I'm researching them myself, after a tip from an investor friend, but can find essentially nothing whatsoever about them. 

I would keep as much liquid as possible and essentially get you to 20% equity or more by renovating the property. 

@Jon Ankenbauer Transferring the land via a traditional sale registered with the county is a straightforward option to establish clear ownership and equity, which is essential for future financing.

While an LLC can offer liability protection and tax benefits, it’s not essential for a single property—personal liability insurance and an umbrella policy may suffice for now.