Note the below bill was proposed, establishing a 5-year moratorium on condo conversions in high population/population density counties (basically Hudson County only).

For that time frame it would not make sense to turn it into a STR as there won't be enough time to establish a history to attract good vacationers.

Eliminate debt, establish a budget, and save.

The only exceptions I can think of are a lack of experience frustrating your financing process or where the GC has such a well established brand that a buyer will pay a premium for a home built or renovated by that particular contractor.

What you ask and expect of them (beyond the basics) and what expectations can I further establish? 

Trusting a GC can work if you thoroughly vet them, use a detailed contract with clear milestones, and establish systems for accountability.

My understanding is that O.J. used asset protection trusts established in Nevada with spendthrift clauses to protect his assets from creditors...   

I understand that starting out, depending on how fast you want to build your portfolio, you could spend a lot of time at it.For those with established investment portfolios, how much time is required to maintain it?

Cincinnati is a well-established city supported by five Fortune 500 companies, which sustains a strong local economy.

One thing to take note of is that a lot of places that are established STR markets have regulations stating that you have to honor future bookings.