Like others have said, you don't need an LLC to get started with STRs.If you own a single unit or even 2 or 3, simply make sure you have the best insurance to cover any issues as well as an umbrella that can cover any excesses.Plus the major key will be maintenance.

They are offering up to $25,000 in downpayment and closing costs.Link here: https://detroitmi.gov/departments/housing-and-revitalization...Ideally, you could take advantage of that to buy a duplex and house hack.

For example, let's say there was a major development on rent control, that would allow me to pivot and understand next steps.

I think one of the major issues is W valley basically only has Pinot .. compared to Napa Sonoma were virtually all varietals are grown and bottled. 

DSCR sitting mid 6s today in the majority of scenarios. 

Case in point, in 2017-2019 while facing a severe housing shortage, Minneapolis enacted its 2040 Plan, becoming, “the first major U.S. city to end single-family exclusive zoning, opening the door for developers to build multifamily buildings on lots where a single-family home used to be (NBC).”

I'm also making the assumption (which i would have inspected) that no "major" structural repair is required.Home ListingBP Fix & Flip ReportRehab Estimate Report

This is for major storms or imminent domain type events.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

If 1 out of 100 people is approached with this same option, and only one of them says they were highly successful at the option you are dismissing as "cheerleading", guess which one I'm following.The majority isn't always right, they're usually just the timid, and feel justified because they are surrounded by others just as timid.