Now have a portfolio of 6 properties with some that are owned others just managed but turn key operation for sure. 

Operating as short term rental by the bedroom, grossing $3500 - 5000/mo, between $500-1000 net.

For us STR hosts, I know we are very conscientious about guest experience and I want to be proactive about doing things to ensure my business operates successfully.Thanks!

These are professionals with additional training and a stricter code of ethics.

Lenders will want to see the filed Articles of Organization, an Operating Agreement that you can get from your attorney or, if you're brave and it's just you on the LLC, some people use Legal Zoom or Law Depot.

$500 per day penalty up to $10,000 and up to 2 years in prison for willful evasion per entityNo cap on the amount of entity penaltiesCheck with your CPA, Tax Advisor or attorney on this as it is a freight train of compliance coming!

You also have to build in holding costs, investor capital, operating costs etc.

The other is a smaller operation which does a lot of business in the specific neighborhood the house is in.

You are training the tenant on exactly how to $crew the next LL.  

We have grossed $300k in revenue over the first 12 months of operation, at a ~50% profit margin.