But there are other tests and if planned correctly, you don't need these two tests or even track hours the first year if your participation is substantially all hours.

You're correct, many investors think that using an experienced agent is just an extra expense.   

Real estate investment can be incredibly rewarding, between the cashflow, appreciation, and tax benefits, it truly is the greatest wealth creation tool. 

I cannot figure out how to correct. 

This is not correct. 

I'll need the LLC to do that, but are my assumptions here all correct?

They must sign the form.The IRS offers an online tool that lets you check if the tax ID the contractor gave you matches the IRS records.

And what is your price point, and it sounds as if you're OK with slight to moderate rehab, is that correct?

@Charles Perkins is absolutely correct about "collecting all receipts, properly tracking all income and expenses and your basis for all assets properly documented and recorded."

Hire a reliable co-host or property manager (15-25% of revenue), automate pricing and guest communication with tools like PriceLabs and Hospitable, and build a strong cleaning/maintenance team to handle turnovers and inspections.