The feedback I have seen and gotten more often than not is to form an entity in the state where you are operating.  

I'm based in the Tampa area, and my business operates in South Florida.

You might not be aware of the amount of money invested in marketing for a wholesaling operation.

The Flock only operates portfolio of SFR.

He's a guy looking for help from experienced MTR operators, and a few of us responded.

For a business plan, you'll want to include sections like your business model, market analysis, financial projections, and operational plans.

I don't use Padsplit, but have done research into them because they operate here in the Phoenix market.

Operating Agreement is probable, but do they need tax returns? 

I would suggest connecting with an operator in your intended market.

A very specific and common mistake that AirDNA makes is that many STR operators don't allow back to back bookings so for each real booking it will include a day on either end of the booking which it includes in it's revenue determination.I believe Cliff on his experience with overly optimistic projections.