Also, explain how you'll share the acquisition costs, such as the down payment, renovation, and closing costs.Payment Responsibilities: Explain how to divide and pay for regular costs like mortgage, property taxes, insurance, homeowners association fees (if applicable), and upkeep expenses.Management and Maintenance: Agree on how property maintenance, repairs, and improvements will be handled, including decision-making processes, funding for these activities, and responsibilities for performing or managing the work.Single Decision Point: For example, I've seen situations where one person agreed to replace an appliance while another strongly opposed it.

Average PP, Vacancy, ADR, ROI, tax advantages, etc.I'm local to Sedona, Arizona and own a few properties in the area.

Perfect example is Illinois where our taxes are 2 or 3 times most other areas. 

I am under a time crunch and would like to purchase the property asap (due to tax reasons).

The area looks to be a decent area for STR rentals and has potential to be a great investment if that goes well, we won't have a mortgage on the property so outside of taxes/insurance/utilities it should be easy to cash flow.

It isn't that hard and once setup, you will do just fine.Some of what you listed is against the tax law I believe.

My intention was to minimize my reported taxable income after taking expenses against the earnings through the LLC.I don't see how this would benefit you tax wise.In fact, I would be concerned that by mixing personal business (rental property in your name) with the LLC that you could basically nullify the liability protection the LLC offers  allowing anyone who sues you to pierce your corporate veil because of this co-mingling. 

Assembly Bill 1771, also known as the California Housing Speculation Act, aims to change real estate tax policy to discourage investors from quickly reselling properties like single-family homes.Under the proposed bill, an additional 25% tax would be imposed on the gain from the sale of a qualified asset (including homes) within three years of the previous sale.The tax reduction is dependent on the number of years passed since the initial purchase of the qualified asset, ranging from a 20% reduction for sales occurring between 3.01 to 4 years to a 100% reduction for sales occurring more than seven years after the initial purchase.The revenues generated by this tax increase would be deposited into the Speculation Recapture Community Reinvestment Fund, which aims to support affordable housing, local governments, schools, and infrastructure projects.The bill is introduced by Assembly Member Ward, and the proposed tax changes would take effect from January 1, 2023.Assembly Member Ward argues that short-term investors in the market, including fix and flip investors, contribute to rising housing prices, limiting opportunities for Californians to purchase homes.While the bill may discourage short-term speculative transactions, it is worth noting that California's tax laws still provide certain advantages for investors, including unlimited tax write-offs and depreciation benefits.The bill is subject to legislative approval, and Assembly Member Ward will speak publicly about the bill at the San Diego County Administration Center on a specified date.Please note that this is a simplified summary of the bill and its potential impact on fix and flip investors.

Typically because they felt their tax professional was fine, but not in tune or up to date with the real estate investing portion of their return. 

It's not uncommon for Class A rentals to negative cashflow for the first 3-5 years, until rents increase at a higher rate than taxes & insurance increase.While this can be an unpleasant situation, Class A properties tend to appreciate the most and attract the best/easiest tenants.