**Negotiating Flexibility**: Discuss these scenarios with your realtor and outline specific conditions under which you can proceed independently.

The property manager should provide a copy of the existing lease agreement, rent roll, other related documents, and notify the tenants of a change in management.You should also be aware of any specifics outlined in the lease for your tenant's situation (e.g., pets).How should the contract be handled moving forward?

I have not heard of them, but I would make sure, especially since they seem to be a new player in the space, to ask them the questions that are outlined on the "Best Questions to ask your DSCR lender for STRs" post on this forum: https://www.biggerpockets.com/...

The Small Business Administration (SBA) offers a comprehensive guide to writing a business plan, which includes templates and examples that can help you get startedFor your marketing plan, consider identifying your target market, setting clear marketing objectives, and outlining your strategies for reaching potential tenants or buyers. 

An excellent outline of pros and cons

We outlined our responsibilities and our business philosophies to make sure we are compatible.

Ideally, you have the terms for doing that outlined in your property management contract.

Demolition and Removal: Outline areas to be gutted or removed (walls, flooring, fixtures, etc.). 

The IRS requires the hours to be specifically in real estate trades or businesses, which typically means activities directly related to owning, developing, operating, or managing real estate properties.IRS Publication 925 outlines what counts as real estate trade or business activities, like development, construction, acquisition, management, leasing, and rental operations.

The LLC would own the property, and you could outline each partner’s equity share and responsibilities in an Operating Agreement.