Each should be able to operate on its own.

Anyone operating an STR in Logan Ohio willing to chat about their experiences?

One thing to consider since you are a California resident investing is the compliance requirements for LLCs incorporated in California or operating as a foreign entity here - the rules here are different than most states.  

Currently I own a large real estate company and still get some great value out being in his inner circle of real estate operators. 

So your 35% operating expenses makes sense and seem plenty conservative to me.  

Mostly due to the fact my spouse and I agreed on her to have zero involvment in any sort of RE investing (and its our home) I think once you have a good 6-12 months of reserve cash (operating expenses for your own life saved as a back up incase things go bad) save enough liquidity to get the ball rolling on your first invesment.

The other is a smaller operation which does a lot of business in the specific neighborhood the house is in.

Hi Richard, Do you currently own/operate LTRs?

I've been doing this 20 years, so know how to operate these.

Yes BofA is all over the country but if you go to your local branch it's pretty likely that loan officer and/or office wouldn't be licensed to operate in another state.