Also, you must familiarize yourself with local laws and regulations regarding STRs to avoid purchasing in areas that are not STR-friendly, which could save you from legal headaches and poor investment choices.Another critical strategy is staging your home to appeal to your target guests.

I've been a contractor for 33 yrs, what you described isnt legal according to the Contractors license board.

Not so "simple" but once you quiet title, it gives you legal, recorded ownership of the property.

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What does the business do and what is its legal setup?

While this is based on my understanding, and I am not a legal professional, I hope this provides some clarity.

For example, if the average scenario is 3 months, $2k in legal fees and $1k in damages and rent is $1k/month that is $6k.

I get bed bug complaints every week in summer, because people leave windows and doors open and mosquitos come in. 

All legal rights pursuant to the Rental Agreement, including return of any Damage or Security Deposit(s) are assigned to the Incoming Resident and remaining residents.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.