We have 3 codes setup for just in case uses.

My business partner and I already set up an LLC and we are looking to start acquiring RE with two other individuals through a joint venture type setup. 

You set up the "master" LLC in your preferred state and then put individual, local LLCs within the series LLC - like files in a cabinet - in the state that you own the property. 

Common fees will include a set-up fee, leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

They also probably wouldnt be happy about this setup, so there would be probably be fight with them over-stipping the file. 

LLCs can provide great asset protection (contrary to what many may say or believe), BUT...big BUT here, it must be set up correctly and maintained correctly. 

That I can set up for a personal goal.

To me it looks really solid but the only thing that matters is your business plan and how you set up your goals that will determine if it is a good deal for you. 

We have automated software to set up showings so we are covered there. 

After the initial set up, I go to my STR before the busy season to take inventory of linens and consumables like soap etc, replace or repair linens or small items, touch up paint, and get my eyes on the property to make sure everything is in good repair.