its to protect personal assets and possible to set up a property manager 

LLC is just another layer of protection.

In previous crashes, the market out performed class a whereas now, it is initially out performing A, but many economists are for casting a quick recovery for A while B and C take a few years to rebound fully. i think new buyers have to require a higher going in cap to protect themselves.

Experience with STRs - they at least know or can understand the extra steps it takes to make ready the properties, including photos (cleaners hate taking photos, I've found, even though it protects them from being blamed)2.

Protected class in MA

This gives much better diversification protection across geographies, asset types, strategies, investment subclasses etc. versus putting all the eggs into one basket.The downside is that it's not for everyone, and a person has to be comfortable with turning over control to someone else.

The purpose of an LLC is for anonymity or legal protection.

Based on what I have heard/read thus far, it seems like I don't need a formal legal structure such as LLC for running this is as an active business (but I may set up an LLC for asset protection, which is allowed by my mortgage lender).

The LLC only provides basic legal protection.

Brokers can look at tax records but past that they are not going to do title examinations and date downs again thats what title companies are in business for to protect buyers and protect your title..