Do you think I need a LLC being that we are just looking to acquire a condo to AirBnb or would a standard agreement on the side suffice?

Well @Richard C. let's just suffice it to say that you consider negotiating to be unethical and not disclosing your positions to be lying. 

It would be up to your investors as far as your skin in the game, but if you are covering rehab costs, that may suffice. 

They will obviously have to pull you r credit eventually, but if you are just shopping the loan, your pulled credit should suffice for them to quote you a rate and terms.When it comes to commercial RE, I would analyze the deal and make sure it makes sense before moving forward to presenting it to the lender.

To answer your questions: The range for CapEx is 5-10% depending on the property's condition (recently renovated will lean more on the 5% side)Vacancy also hovers around 5-10%.Repairs, in general, are tough to anticipate but setting aside 10% should suffice I think its good practice to have an underwriting criterion such as if the property doesn't cash flow X amount you won't acquire it. 

Lots of non-RE businesses would not pass this test, either.The standard of "active participation" should suffice, and you will qualify under it.

If you want to be passive using your maid or cleaning lady to manage the unit would suffice over a property management company. 

Suffice it to say, we decided to forego spending all that money and are going to spearhead this on our own.

If it’s a smaller gig, a coworker of mine would suffice for sure.

So if you are already working with a lender you are comfortable with, 30 days might suffice.