Lessons learned: it's about buying up investment properties in well maintained buildings governed by HOAs who are willing to invest prudently in their property.

However, if you are worried about being sued, you should use the best level of protection that you can afford.Your state laws: The laws governing asset protection vary from state to state.

People are tired of government removing property rights and coddling criminals.

For credibility purposes, you'll want to the have the contract already executed or partially executed.

There can be hundreds of things to consider, but the over all best approach in my opinion is to find a great (credible) turn key provider and see whatś the best they can offer (which still wont be near what you want). 

I know some state and local governments have laws on STR and of course thats a important factor.

Understaffed governments don't have the manpower to look for these problems.

Go through your local SBA and/or government websites to obtain the proper documentation and do it yourself.

Your local government is there to assist you on questions exactly like this one.

How are they showing their credibility?