Does the bank just realize since I own the LLC that has a 51% interest in the new LLC that it naturally flows down to me? 

Funny how this is never the stuff of podcasts and books...you're a rock star!

He usually buys in C neighborhoods and has to do heavy rehab, but he's a construction guy that also runs his own property management company, so it's 2nd nature for him.

We are seriously considering  rent to retirement properties given the relative passive nature.

Hey @Grant Woodward, you can never be too cautious when it comes to guest safety like @Lauren Kormylo said.There are dozens of things at your STR that could cause an injury or worse so making sure all the ducks are in a row and quackin' in unison is one of the most important things you can do.Like @John Underwood said, make sure you have a rock solid insurance policy that covers the pool and adjoining areas.

Have you considered markets like Memphis or Little Rock?

I need structure and spreadsheets rock!

Typically, the investors I work with purchase properties in their personal names and then quit-claim the title into their LLC after the deed has been recorded.Markets like OKC, Memphis, and Little Rock offer some excellent, affordable growth opportunities, and I’d be happy to chat with you to explore these options further.

That's your maximum offer - if the seller doesnt like it, they can kick rocks. 

Then clear a pool below a spring and rock formation.