To me, they generally are not as sophisticated as they really should be.

Here’s a link if you want to check it out.https://www.biggerpockets.com/blogs/9232/55313-intro-to-section-8---your-perceptions-vs-my-realities

I guess they are not this sophisticated, otherwise you would not be asking your question.

Owners with MFH in areas you'd actually want to invest in are usually more sophisticated and the same tactic looks mickey mouse to them. 

Maybe you have, I have not.How does the NOI reflect reflect market perception?  

FORGET IT 🚩 And yes, Their all here advertising Property management But when the going get tough the PM is Missing in Action and they think you don't have enough perception to know the truth. best advice which I've read from this stream already is wait 1 or 2 days.

There are legal ways to use Delaware and Wyoming LLCs in other States (there are benefits to using these types of LLCs as they are some of the most business friendly States in the Country), but it would involve a more sophisticated asset protection structure than just the LLC by itself.

You are pretty sophisticated on real estate and business topics.

Not really necessary but perception is 90% of vacation rentals IMHO.

As folks become more sophisticated with investment underwriting and strategy, they won’t simply compare cap rates and year 1 cash flow.