There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

As you progress, maintaining a clear line of communication with your team, especially your property manager, will allow you to stay ahead of maintenance issues and tenant needs, keeping your operations smooth and your tenants happy.If you haven't done so already, consider outlining your goals and investment criteria with a property manager early on.

I would do what you are doing here on a bigger scale - social media, local markets she operates in Facebook groups, etc. 

However, there are small parts of "Clearwater" that are unincorporated and therefore legal for 1 night stays, opening the door for successful operations. 

I'm paying about 2k/month in JUST INTEREST. it brings in about $1300 and I live there with 2 roommates and operate my business out of it.

A clear operating agreement from the start is key to keeping on the same page. 

While the second LLC does not yet have an EIN, can we temporarily operate using only the bank account of the first LLC (which also holds the property)?

I do NOT think having an operating LLC located in a different state than the ones owned is overkill. 

Tip #1 - no such thing as one perfect market There is lots of data on Bigger Pockets and MTR experts that have released rankings of top cities for next year, but remember it's not just about the purchase-- it's also about the operation.

As an appraiser I’ve appraised a handful of properties recently that are outside of city limits and operating successfully as STR’s that don’t have the same regulations as the city of St Pete.