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.

Your best bet is working with a licensed agent who can pull accurate MLS data and understand what you are doing... 

My husband has 15 years of experience in Operations.

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?