That 18% premium reduces the cap rate quite a bit.

We quit claimed the deed into our LLC for liability etc.  

I think you're doing quite well given the location. 

Always ask tenants to check to make sure it is locked.Another disadvantage is that you have to change the batteries regularly.Another disadvantage is you have to spend quite some time programming the locks and tracking the code3.

It's been quite a poor experience for many of the same reasons mentioned above and we're firing them after 1 year as our PM. 

Orange County, specifically Laguna Hills 55+ community, has quite a large number of co-ops.

Basically, they suggest to buy a property with very little money, collect the cashflow, then refinance to pull money out of the property, buy more real estate for more cash flow and quit the W2 they hate.The first flaw is that a lot of the books written before 2020 will tell you to analyze more deals until you find one that cashflows.

The lender required me to quit claim out of my LLC which I use for asset protection.

So I wouldn't be concerned about buying quite soon, as things are moving in a good direction...and all the more now that they've assembled a committee that reportedly includes some people who are both more experience with and favorable towards STR.

A quick internet search led to quite a few complaints by people claiming to be ripped off, had deals fall through, or simply getting the run around each time.