I would first look into the state website of where you'd like to establish the LLC.

It can be done but I would probably also diversify it in private lending or another type and just not NPN's.I think reality people need to understand is the days of 25%+ returns are only happening if the operator is on top of their game but stuff is being sold and priced out at 15-20% and that should be the expectation.

Play the long game, you can start small and build, just don't go to zero. 

I do around 60% direct bookings and have a few steps to help establish against chargebacks and fraudulent charge claims. 1) We use Stripe to process payments, and they have a pretty solid fraud system.2) We use chekin.com to register guests to make sure they match the credit card. 3) We don't take day of bookings 90% of the time. 4) charge a refundable $250 security deposit5) you can also use something like Superhog or Safely for damage protection.We also have a rental agreement, which you can have written for you by a local real estate attorney.

I've not been able to in years, we just line up buyers and go the full length with them on the contract rather than play games. 

The neighborhood is desirable, so renting it wouldn't be difficult but it would be niche because of its size (4/3, office, dual living rooms, game room).

Unless you are a veteran or using a DPA program all loan products require some skin in the game (down payment) and that is how most people start their portfolios. 

Some lenders offer flexible terms tailored to investors, which can be a game-changer.

Eliminate debt, establish a budget, and save.

I want to get into the game as soon as possible with multiple cash flowing doors.