The investors must be provided a Private Placement Memorandum, subscription agreement, and operating agreement.  

We operate dozens of STR's around Austin.

I'll actually answer your questions instead of going on an emotional rant like the poster above.The only caveat is that I'm speaking to how things work in my region, and how wholesalers operate around here.

Even when they are charging you a very high percentage, the agent is probably operating at a loss.

Professionals find good deals, operates them professionally hopefully providing a profit without you have to deaL with the issues that face a landlord every day. 

In my experience many unlicensed wholesalers operate in a grey area and often cross over into what is obviously brokering real estate without a license. 

To have a successful STR I HIGHLY recommend listening to this episode of a podcast: https://podcasts.apple.com/us/podcast/on-the-market/id161508...Once you listen to this, and any highly involved STR operator will agree, you will find a lot of the fundamentals are lacking in Kissimmee or you have to have deep pockets to hit those.I won't spoil the episode, but if you listen to it (and anyone out there that does) feel free to DM me afterward and I'd be happy to talk details tailored to your situation on if you're on the right path or maybe I can help.

I've been doing this 20 years, so know how to operate these.

Does your company only operate in Memphis or plan to expand to other markets?

Has anyone worked with them before and can shed a little more insight into how they work and operate?