We have operated STRs since 1999 and they had been around long before then (STEs have existed for many decades).  

However, let's say the lender were to foreclose on an existing PadSplit, what has a larger buyer pool: (since any lender that want's to foreclose wants to make the disposition of property as seamless as possible), a standard SFR, or an SFR with multiple modified bedrooms/faux walls?

Has anyone been in a situation where they acquired a condo and operated it as an STR when the HOA did not make the exclusion in their CC&Rs, but then faced resistance from the HOA?

I have an operate account for my cabin that I pay for as a backup.

Operator positions themselves as the owner of the Property Management company when they in fact, are not.

In the spirit of order of operations, might be helpful to break down in this fashion: 1) With your 401(k), do you have pre-tax money and post-tax Roth funds?

@Kayla Givens Do you own the houses where you operate the SL homes?

Having someone who has owned and operated a similar asset is worth its weight in gold. 

Yes, you can ultimately own a property with little/nothing out of pocket when you're done - but when you reposition with today's rates even moderately leveraged stabilized assets can be hard to find cashflow with debt service and a realistic operating expense load.

*If your aunt was cooperative, you may have been able to form some formal operating agreement... although I am not sure how that operating agreement would hold up in your state.1.