Just want to drop the message here, anyone located in Dubai or distanced managing properties there?

Because you live on the property, management will be easier.

I manage hundreds of rentals and most of them are caulked every 5 - 10 years.

Property management is also in place. 

For liability purposes our financial advisor is recommending creating a LLC for managing all of the STR stuff.

I do property management only that saves 10% and can be done while managing a W2 job.  

If the negative cash flow is manageable and the appreciation potential is strong, it could be a smart move.On the other hand, investing out of state allows you to enter more affordable markets with strong, steady returns, helping you to build a diverse portfolio over time.

I'm now figuring out how to maximize the return on current properties and add value, efficient ways to self manage, etc.

What percentage of gross revenue does an owner typically keep if they do employ a property manager?

Interview the team rehabbing and managing the home on your behalf.