As the tax code is concerned all of the costs to create your rental property business (buying it and making it usable for it's intended use) and one in the same. 

I have been trying to dig a little deeper into John's concerns and waiting to hear back from Airbnb on them.

@Andrew Slezak I recommend you first articulate precisely the liability events or concern which are pushing you to transfer the property to an LLC.

Now if you are seasoned and portfolio is mature and you are not as concern about maximizing income then I can see a migration to SFH might suit someone.  

My concern is about the veracity of what the tenant reported.

I am not terribly concerned with networking to find reliable contractors for renovation work.

My biggest concern with house hacking is giving up my primary residence.

The irony is most who post in these forums about entity formation and asset protection are solely concerned with preparedness for when claims arise without understanding the true ramifications, don't know the difference between being a certificate holder and additional insured status,  what indemnification means etc.

Obviously the HOA is keeping values in this neighborhood down because an owner would have a mortgage plus another $715/mo for the HOA, which only covers use to a community center but nothing else.Besides holding costs, is there anything else I should be concerned with for a flip on a land lease? 

Tenant moved in the first week of December and there's been an excess of communication from the owners for somewhat minor issues or concerns.- Tenant submitted a work order for low water pressure in 2 bathrooms- Tenant submitted a work order because the garage door doesn't close all the way and left a 2-3 inch gap at the bottom- Owner initially refused to address either work order- Owner demanding the tenants place furniture pads on each piece of furniture- Owner calling multiple times to speak through the work orders, asking when they've been scheduled, calling a couple days later requesting the invoices- Owner calling because they want to access their storage in the basement so they can remove several pieces of furniture being stored- Owner now emailing requesting multiple property inspections throughout the lease cycle- Owner questioning my experience and relative PM knowledge because I'm not following up with her in a timely manner (the following day after the work order)Keep in mind, this is 2 weeks after the tenants had moved in and the tenants are very happy in the home.This is something we see on a regular basis.