The Flock only operates portfolio of SFR.

The feedback I have seen and gotten more often than not is to form an entity in the state where you are operating.  

He's a guy looking for help from experienced MTR operators, and a few of us responded.

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.

I would suggest connecting with an operator in your intended 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. 

Is this how your syndications operate? 

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

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.