Typically, the request is at least for the organizational documents, operating agreement and the IRS EIN number. 

Not only for the reasons you mention (easily manipulated, depending on format), but also have next to nothing to do with what your operations will look like.While I do agree that you should try to verify income, both through lease review, P&L, and if they will share: bank statements and tax filings, at the end of the day, I don't put a ton of value in seller financials, for many reasons.  

It really depends on you and how involved you're willing to be, especially if any of your current at-large operators don't work out.

That's why you are seeing Turbo tax is also not allowing to claim depreciation unit its put in service.But you can claim start-up expenses for your rental property upto $5K on your operating expenses.

Travel expenses to look at potential investment properties are generally not tax-deductible unless you operate a real estate portfolio like a business. 2.

.- trusts - deeding each property to a separate land trust each and then the land trusts in turn grant beneficiary to an operating LLC.

For the better part of two decades I've been involved in real estate in some capacity including but not limited to: mortgage & real estate broker, developer, project manager, STR owner/operator/manager, international investor and beyond. 

After operating the STR for the first year can we turn the STR into our primary residence for 2 years then sell and avoid capital gains tax and depreciation recapture instead of doing a 1031 exchange?

Then I would say that the main challenge for you will be finding trustworthy, experienced operators who are going to give you repeat business and who have a track record of successful project executions. 

I own, operate, and live in the state of my LLC but I have clients all over the country/world.