Although Reunion community does typically cater to a different demographic so it won't be as much of a pitfall. 

Typical cost for the setup would be in the $15,000 range which would include production of the Private Placement Memorandum, Subscription Agreement, and Operating Agreement, Investor Qualification Forms, as well as filing Form D with the SEC, and state “Blue Sky” filings in those states where your investors reside. 

I'm not counting those since I don't manage them, but I typically avoid cities and states with laws antagonistic to landlords.

They'll typically leave behind mattresses, couches, broken furniture, rotten food, etc.

However, unless you're doing this as part of a BRRRR strategy, you may end up paying closing costs twice and incurring unnecessary interest on the HELOC prior to refinancing.Additionally, conventional loans often have seasoning requirements of 6-12 months, while DSCR loans typically require only 3-6 months.This post does not create a CPA-Client relationship.

Typically, a rating of A- or better is a very strong company.

Look into connecting with some local investors, they typically have meet-ups often and swap stories and different strategies.

Also, not sure what relationship you have established with your property manager but typically people hire managers to take care of this part and be tenant-facing.  

Leverage will be reduced from the max available, reserve requirements increased and, typically, you would be required to use a professional property manager.

There are other ways to determine rental amounts like researching in zillow and/or rentometer, which I typically reference.