Most of the homes come with a one or two year warranty so we set it up so that they can communicate with the builder directly to handle maintenance issues.- Taxes are usually much lower the first year. 

This isn't an issue of the legitimacy of your business.

I'm not sure what the issue is on this.

As lenders, well issue a prequal/preapproval letter if we've analyzed your income, assets (bank and brokerage statements to establish that you have the liquidity to afford the down payment, closing costs, and reserves), review credit of the guarantors, review the relevant experience to ensure that we're not throwing our money away on newbies that are wandering around in the dark, and have put together a reasonable plan of attack for the project.

There's a good chance the issue(s) you face has already been discussed and answered.Ask questions in the appropriate forum.

Rental market is amazing and you will not have any issues finding tenants for your properties and the price points to purchase are definitely enticing.

That might create some tax issue/book keeping complication.If @Brandon Hall is around, he may be able to clarify if this transferring of funds is a nonissue or a big deal.

Diversify - not only for risk but to also learn more about being an LP. see how GPs interact, communicate etc.

We already signed the purchase agreement several months ago...it has been on hold while they mitigated a pest control issue that has taken 2 months.If it's that important, make it part of your purchase agreement.

The minimum "initial" lease term in Atlanta is 2 or 3 months, so they don't qualify as STRs, and thus don't have the same regulatory issues.