Despite the communist landlord laws you have good appreciation and rent growth.Check out the FB group Twin Cities Real Estate Investing if you want to connect with more locals there too

For example, looking at a property with "3" bedrooms but a giant loft area that could be converted to a 4th bedroom, and a full downstairs private area with a full bath that could have a convertible bed, allowing the property to sleep 10 minimum before adding any bunk or twin beds.

@Maria T. as others have said, preferred equity has a place and can be good or bad depending on how your structure your capital stack and your investment/investor's objectives. 

Basically back to square one after spending thousands on this shiny object.

The objective is to be top-of-mind if and when things change.

Most importantly you need to think about not just what your options are, but what your objectives are and let your end goals help you decide. 

I agree with all above- get verifiable, objective information.

It seems it would be in your best interest to further research your true objectives before incurring the fees to transfer the title to an LLC.

I want them to focus on hosts and the guest experience for the actual stay but they sometimes have shiny object syndrome.

If your objective is a given gross profit then you may be forced into doing higher risk, but less competitive and higher profit flips to achieve your goal.