In my area these are rare so they are difficult to set market rent, and I imagine get a lot of wear and tear with a lot of occupants living there. 

If you found a few handymen you could rely on, and make a trip out there for a few days to get things set up with shopping, decorating, and furnishing the STR that would remove the red flag of the property manager, and significantly boost your material participation hours to clear one of the thresholds.

A knowledgeable attorney can advise here.Create a solid operating agreement: Since you own the condo with a friend, a clear operating agreement is essential to outline responsibilities, decision-making, and profit-sharing for the LLC.To save on costs:Look for real estate attorneys who specialize in investment properties and might offer package deals for the retitling, operating agreement, and filing the LLC.Shop around for title companies that can handle the transfer smoothly and provide competitive rates.Research DIY options for setting up the LLC if your situation is straightforward, though I’d still recommend a lawyer for the transfer process itself.Good luck with the process!

This is something I try to live by and teach my kids if I can - "A human being should be able to change a diaper, plan an invasion, butcher a hog, conn a ship, design a building, write a sonnet, balance accounts, build a wall, set a bone, comfort the dying, take orders, give orders, cooperate, act alone, solve equations, analyze a new problem, pitch manure, program a computer, cook a tasty meal, fight efficiently, die gallantly.

This property offers spacious townhouse like setting floor plans offering one, two and three-bedrooms.

If you do decide to work with them, you could set up a clear partnership where they’re equity partners and you handle the management and operations.

I need to source the data myself, run the numbers, check the calculations, eventually build my own custom spreadsheet etc. 

Chalet is a great resource for getting set up with a STR team.

However, a lot of concerns can be mitigated with looking at their past rental behavior in a lot of different settings.

You can set it up yourself at www.sunbiz.org , which is the website for the State of FL Division of Corporations.