Your SEC attorney can help you with the details.Typically you would have one LLC that owns the properties and another LLC that acts as manager.

Do managers that advertise 8% only do 8% when there's a bundle of doors to manage?

It is also worth noting that property management is often closer to 30% of gross rent for a short-term rental due to the much more intensive hands-on management compared to a typical 10% for long-term and as such, I agree with recommendations above that medium term rentals may provide the best of both worlds if you are able to tailor proximity to a local need, e.g. hospitals and travel nurses.Again, happy to relay my personal experiences in the area if you're interested.Best of luck,Patrick

I learned how to manage rental properties well with this property.

The key is building a reliable local team—property managers, realtors, and contractors you trust.

Expecting big cash flow in multifamily apartments right now is kind of a fool's errand because if you find it it's probably in an area that won't be kind for out of state ppl with a third party property manager. 

Stormwater Management Easements and Covenants.11.

, clear laminated instructions inside the unit, etc.Also very important to consider scale--if you are planning to have several STR's in the same area, then it's wise for you to invest time now to build your team there and manage the place without a co-host.

Rinse and repeat as many times as life allows, or convert to buying pure investments.Consider employment with a property management company.

First off, the fees for this fund would dissuade me. 8.5% of EGI (6% for property & 2.5% for asset) for management?