The bank will make you leave 25% equity in the property - but you also still want the property to at least cash flow some - so be careful how much equity you pull out / new debt you take on.I would do a cost benefit analysis of what your actual gain is in cash-flow on buying a new property with a (currently) higher interest rate (if financing), versus just holding on to the current appreciated property and enjoying that cash flow.All the best!

This is how banks verify property owners maintain insurance.

I've also used traditional loans through regional banks and a few SBA loans. 

This way, I can get the bank statements for the property and categorize and reconcile everything. 

Some banks and lenders will calculate your Heloc payment based on the Max limit even if you only have a small portion used due to preventive risk. 

Raising money is all about marketing and sales (not real estate specific) so either hire marketing agency and read sales books, or hop on some LinkedIn courses on marketing and sales.Not sure the legal structure to use: talk to accountants and attorneys.Need deal flow: talk to brokers and go to a lot of networking events.Lending terms: start calling banks and loan brokers.From there, it is all risk mitigation. 

Just like a bank tells you what the terms are, not you as the buyer.

It would be far simpler to put the $500,000 in a bank account owned by the LLC and you immediately own a fixed percent.

I was hoping to hear from the host who invested there and why but nothing yet.

Like mentioned it's also beneficial to keep up to date with what's happening in the area your STR is located, and make sure the decision makers are aware of hosts and what they bring to the community.