for DSCR = Annual Net Operating Income / Annual Debt-Service in a refinance deal (1) is the Annual Net Operating Income just gross rents?

Setting up an Investment LLC (holding) for your properties, a Property Management LLC for operations, and possibly another LLC for short-term and mid-term rentals makes sense.

I then sold the “business” (equipment, name, signs, goodwill, etc) to an operator for $50,000 cash, and the operator signed a five year 3N lease at $3,000 per month.

So visiting the property could have some value, depending on your goals of the visit.I have hosted investor tours at properties in the past, where we dedicate time with our investors and the community manager to walk the property so they can see their investment, as well as talk about current operations, how the business plan in going, and allow them to meet people on the team that they invested with. 

But here's the deal: paperwork is the backbone of the whole operation.

You should definitely check out Avery Carl's BiggerPockets book "Short-Term Rental, Long-Term Wealth" https://store.biggerpockets.com/products/short-term-rental-l...There is a lot of amazing insight into everything to think of while operating an STR.

Quote from @Michael Lynch: People rarely talk about the amount of effort involved in operating a STR.Never sell a property unless you have a clear plan to reinvest the money into something that will perform better or move you closer to your goals.

So knowing scope would help narrow down on risk mitigation tactics.I guess at the end of the day, it all comes down to knowing what is needed, order of operations, and having as close to true quotes from reputable contractors in hand.Beyond that, really knowing all that is needed and having those extremely detailed scope of works for each trade before you get your bids.  

We are looking for an attorney with experience that can construct an operating agreement for an LLC for an acquisition of a multi family property in the state of Arizona. 

I think, at the core BP still helps a ton of people get into the real estate game.I personally also fell off the podcast when Brandon Turner left.