Seems like a liability as long as you continue to own this property.  

The potential liability from having someone do a job they are not licensed to do far outweighs the cost-benefit.

Reporting these expenses on your personal tax return (likely Schedule C for a sole proprietor) could result in a net loss that might offset other taxable income, reducing your overall tax liability.

Would the federal tax liability be $140k at year 5 for the sale, with long term capital gains (ignoring any Net Investment Income Tax)?

You don't want too many properties in any one LLC for liability purposes. 

Airbnb offers $3M damage protection insurance (AirCover) if guests don't pay for the damages they cause, and $1M liability insurance if a guest gets hurt or their belongings are stolen.That being said, I too do not allow instant booking or most last-minute long-term bookings out of nowhere.

I don't buy from assignors for two main reasons...liability and fictitious numbers. 

Good insurance, particularly with an umbrella liability policy provides very adequate protection on smaller assets. 

In the Reno market, we have access to hyper-localized and up-to-date rental data and local knowledge of different areas, providing a more accurate picture.Remember, buying real estate is a liability until you sell it, at which point it becomes an asset.

Did the book provide enough information to get started such as contracts, tax liability information?