However, I recommend buying first and running a fully operational short-term rental business first or passing it to a PM company.

Maybe syndications but some of them aren't doing well and if they don't know how to vet the operator, seems very risky. 

Partner with a friend to protect both interests, create an Operating Agreement, and focus on saving and preparing for the down payment and reserves.

which entity claimed the operating deductions and which entity claimed the depreciation?  

It simply states that 50% of the annual income will be taken up by operating expenses.

Hi Chris,I am an operator and also have 50+ Real Estate clients with my advertising agency, many on whom are using Left Main.

Bottom line, if you're operating as a business you should be keeping business and personal completely separate.

I typically operate within the residential space and have a few rentals.

Have you considered the potential of utilizing the "asset island" method for primary ownership of properties, and than via NNN master lease to individual operating LLC's for business monetization use? 

I noticed you are a lender who operates in my state as well, if you have some time available I think I would greatly benefit from learning what I can be doing to increase my chances of securing a loan and what lenders look for in potential clients.