Learning from a successful person would help to make your business more "bullet proof".

For my personal education, which one insurance should I have?

If you can personally visit the property to confirm, do so.

if you have an LLC and both properties are under it, you just need 1 operating account.If both are under your personal, 1 bank account specifically for the rental is enough for operating.Security Deposits should always be a separate account altogether.

Personally, if your market tends toward the former condition (better/normal appreciation) I think it's a fairly safe deal looking at the long term, assuming infrastructure around you continues to support the idea of renting it.

I would guess that you have little or no experience running any kind of STR, and now want to get that experience on the back of someone else's investment, with little or no personal skin in the game, and that's not a good way to build an investment portfolio.

I personally left San Diego in 2017 and bought my home in Riverside County for $155,000.

In todays environment some syndicators might be pushing out into more B- to C areas to find properties in overheated markets so the risk/reward ratio might not be as good as in the past.Not talking about Brian's deals just in generalities.  

DesireeI have seen this same exact thing in Memphis TN in properties located near the University of Memphis so my personal opinion is to stay away unless you can still buy the property where the numbers make sense.

This agreement is just like a listing agreement when you go list a home, you are hiring the right person for the job, so this is the same type of contract, but this person is hired to find you the right home.