I believe he now lives in Portugal.

I live and work in the Atlanta, GA area.

Pace was the only one I encountered who showed up live, who is living these deals out every day and consistently finding ways to deliver (increasing) value to his community.

My suggestions:* Requiring code compliance and safety equipment is absolutely valid and should be part of the regulations* Requiring owners live within 15 miles is not necessary since poor hosts whether they're local or distant will violate the 3-5 warning system and earn a suspension.

I think this arrangement can suit both parties, he wasnt going to be able to keep the house but can still live there for super cheap.

To this day I don't even live off of 10% of my gross rents.

Also, the state of formation is likely where internal disputes would be brought among LLC members, so if you and a partner and/or spouse live in CA, you probably want to arbitrate in CA if the two of you had a disagreement.

I make around $110k+ per year, live off around $75K, have a mortgage ($1900/mo for rent, escrow, tax), around $40K in equity, and no other debt. 

@Ken M. we live in one, it has an attached unit, but with a door that passes through from both units.

I lived in Houston for a dozen years (moved last summer) and really wanted to make an STR work, but I just couldn't get there.