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. 

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.  

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. 

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.

The goal is to get in their world, see how they operate deals and follow their formula.

Also because of my passion, and also because flips are really hard to find nowadays that have a good margin of more than 10% profit from the selling price.I started to do some digging in the main market that I am operating at right now and found a nice option that I liked:Find an old house in a good area in the city metro, demolish and build a new one on top of it a medium to high-end home.Why?