I am happy with the cost and what it provides. its not a completely "set and forget".

Michael, that is not entirely correct.Some sponsors will set up a syndication investment/crowdfunded deal in a TIC or DST structure which can allow this.True, but it's done very rarely and for small groups, typically accredited investors.

Maybe this is a simple question but does this have to be set up through a service or could this just be my bank and I hold the money? 

Think $150,000-$200,000 in set up on that.

All that said, I actual in cocoa beach area so probably even more desired than orlando but orlando was all it would allow me to select when setting up my account.

The market sets the price. 

I have an opportunity on a 12 unit property but being in SoCal and never setting foot in MS I wanted to ask around 

AirBNB is primarily known for short term vacation rentals but your minimum stay can be set to 30 days to ensure you are getting MTR tenants.

Does that mean I'm all set and can break it up in to separate units, or do I need to get a permit or rezone or other things?

If you are going to build a shelter, maybe set aside some space for another charity to come in and put in a soup kitchen type of facility to feed your homeless population on the site.Just my 2 cents.