We plan to set-up an LLC, is that the correct approach?

I'm seeing a lot of correct answers here.

The property is located on St Augustine Beach and other STRs have high occupancy rates, solid ADRs and are very profitable when managed correctly.

If you did not have an existing policy, the correct way to write this would be with the new owner as the first named insured.  

If I understand you correctly, this is a simple seller-carry situation.

I'm not sure I understand correctly. 

Transcribing transactions from bank statements, posting transactions to the correct accounts, and then manually creating an income statement, statement of owner's equity and a balance sheet is a fairly time consuming process and I have not been able to keep up with the book keeping between my regular work responsibilities.What accounting software do people recommend? 

Is that a correct understanding?

What I am learning, and perhaps another Colorado investor can correct me, is it seems our market is overpriced.

I just got signed up with Rent Redi and would like to import the previous  monthly rental payments into rent redi to have it correctly dispalying the lease terms with rent owed.