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.

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. 

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

Is this how your syndications operate? 

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

Bridge debt has killed a lot of operators, and trying  to extend while praying for rates to drop,, while the 10 yr went up.I personally think it's a great time to get in. 

Best practice is to operate as an MTR and backfill with STR guests because if you open up your calendar to STR guests without tight restrictions, you're an STR.  

Kevin, my investment properties are held in a 3 tier structure: operating LLC - Holding LLC - Living Trust.Hope this helps.

A skilled operator can still make money there, but if you are long distance, have no connections to the area, and just like it because it is cheap, it's probably going to take a lot of time/hassle and underperform index funds.