Record lease data using software or spreadsheets, correcting any errors or discrepancies.   

You won't know the ARV correctly or the repair costs so your budgets will be crap.

If I understand you correctly, they can't even access their food or clothing, so this will be a big impact on them for a period of time.

Your numbers may be correct that its hard to cashflow significantly on a STR with a mortgage in 2024. 

Be interested in what your thoughts are to include this in a lease (needs to be maintained to some defined degree of cleanliness rather than waiting until move-out and deduct cleaning charges from their deposit).

I am not a CPA, but do maintain books for various real estate-types.

It was simple and cheap.However, it still takes time and money to set up and maintain the LLCs.

What @Joe Jor said is generally correct.

This includes the seller maintaining property insurance in their name with the buyer added as additional interest and mortgage payments being made from an account in which the seller appears as bank account holder. 

You are looking at it correctly, as others mentioned trying to avoid a PG is challenging, especially when starting out.