I would highly recommend joining some of the many meetups and networking events in Austin for real estate investors, very valuable exchanges of ideas in person as well

Networking Tips: How can I leverage industry events, meetups, and online communities to build relationships with potential investors?

Nothing wrong with an LLC but know the LLC will be most helpful in simply keeping your name off the docket above all else in the event a lawsuit is filed.

Your local planner or engineer may do you a disservice if they don't have considerable experience in developments of this size.

2) Time spent by others: to qualify for the test "100 hours and nobody spent more time", how do we track the time spent by others and what proof would be required in the event of an audit?

I  started keeping an event journal to remind me of issues or unique incidents that impact the income/occupancy of each property, including maintenance block-offs. 

I'm also from Detroit and currently looking for my first rental property and you're right, the forums are a great tool but I would also consider attending some local real estate events/seminars and networking with realtors!

Maybe there are networking events that I can attend.

In fact, the Note Expo was his event. 

If you're interested in networking, we have monthly STR networking events in the Denver area that can help you to become more familiar with STR investing here, and connect you with top STR investors in Denver.