Just my personal opinion - get a mentor or a person who already has good experience running STR business, preferably in your area (but not 100% required). 

It separates your personal assets from your business, providing a safeguard if any legal issues arise related to tenants or the property.

Lee Arnold is by far one of the best people in the business.

Think of it like buying an existing performing business.

We exclusively travel during non-peak seasons, so we would be looking to rent out completely during busy/peak seasons, and would stay at the place during slow seasonsQuestions for the experts out there:1. which development(s) tends to be the best for ROI/have the best occupancy rates?

But I'll mind my own business now. 

I've picked up several really good deals because a tenant operator ran the business into the ground to a point where the property owners just wanted or needed out. 

Small business owners are struggling more than I thought. 

See responses to your questions below: Correct, California is uniqueTo qualify for REPS you need to meet a number of criteria, including (but STRs that meet IRS criteria generally don't need REPS to leverage tax benefits): More than 50 percent of his/her time working in real property businesses; AND, More than 750 hours of service during the year.

I see why they say, never go into business with family.