For a business plan, you'll want to include sections like your business model, market analysis, financial projections, and operational plans.

I don't use Padsplit, but have done research into them because they operate here in the Phoenix market.

That is the simple way

I would suggest connecting with an operator in your intended market.

A very specific and common mistake that AirDNA makes is that many STR operators don't allow back to back bookings so for each real booking it will include a day on either end of the booking which it includes in it's revenue determination.I believe Cliff on his experience with overly optimistic projections. 

Operating Agreement is probable, but do they need tax returns? 

Is this how your syndications operate? 

Best practice is to operate as an MTR and backfill with STR guests because if you open up your calendar to STR guests without tight restrictions, you're an STR.  

Bridge debt has killed a lot of operators, and trying  to extend while praying for rates to drop,, while the 10 yr went up.I personally think it's a great time to get in. 

While the repairs will temporarily affect rental operations, the long-term tax advantages from depreciation could help recover some of the initial financial outlay.In terms of negotiations, it would be wise to push for a larger price reduction instead of accepting a cashier's check, given the magnitude of the repairs and the expected loss of rental income during the downtime.