That being said, if I am in a market that does not have these metrics but want to buy and operate, I may stay in my market because it will be easier to run the operations full time.It comes down to your goals, and what you want to accomplish.Good LuckGino

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

Add in HOA and utilities and misc costs you are probably at $3500 per month to operate, which is $42000 per year. 

I have over 400 units and between my partners and I we have over 2k and I created an accelerator program to help, and partner if desired but one of the comments was you really don't need a sponsor for the debt in your case but possibly on operations but it's not a requirement, but if you want to check it out I'd love to work with you on accelerating your first and future acquisitions and sharing my learnings in the MF space. 

You hear a lot of negative feedback on BP about Turnkey operators, and I'm sure they're not all professional and trustworthy, but I've had a great experience with Norada.

Ask her or him what assumptions they are operating on.

I don't really expect the property to cash flow, I realize that it's an expensive place to operate a STR and that on-island management is necessary by Hawaii law, but I'd like to be able to cover most of my mortgage and expenses after putting 30-40% down.

Triple Net leases allow the Landlord to pass Operating Expenses (primarily comprised of Property Taxes, Insurance, Common Area Maintenance, Snow Removal and Property Management) directly through to the Tenants of the property on a pro-rata basis. 

A single member LLC can be cheap to set up - a few hundred bucks between state registrations and a legal zoom operating agreement. 

Investors and operators should monitor employment trends and household formation as key demand drivers going forward.