Here is a copy paste from a post of mine a couple years ago.http://forums.biggerpockets.com/viewtopic.php?

I have already talked to a private lender of mine that tentatively agreed to lend on the deal.

I vetted them as a potential PM and one thing I learned real quick is that they don't have "offices" and people in the areas they operate in.

Trying to manage a $1M Airbnb rental while it sounds good you got $6500 in bookings you still have significant costs to operate it with maintenance repairs, utilities etc.

Question to folks who are operating a STR in Unincorporated Jefferson, County, CO.

A transactional agent is best for exactly that, the transaction, how to in contract negotiations, how to get under contract, get best deal in contract and sometimes how to dig up and create a purchase potential or how to best sell. if you want to know about operational wise, speak to those in the operations side of things.  

Mine is to network and also to gain knowledge.

Now people's minds have been so polluted with this marxist-socialist drum beat for decades that people now default to a socialist answer of "Make Them ____, that's the answer, MAKE EM DO IT MY WAY" and that will fail every time because the very framework is designed to operate opposite. 

We have operated under the belief that if we have proper insurance the llc was not needed. 

It's currently called "Little Shop on Bosque" and still operated by them today.