I did it, because I had no choice, but I would not recommend it.The pictures below are all (young me) me, including the guy inside the septic system.

On the other hand if they are a sponsor that is experienced in stopping a skin in the game, that's a huge red flag for me.c) how open to scrutiny are they?

We built two homes side by side on infill lots with a lot value of $20k each and hard construction costs of $196k (builder’s fee not included).

However, long story short, yes there is, although I would recommend finding an advisor who is skilled in holistic financial planning that includes not just traditional stock market investments or real estate investments exclusively, but all investment strategies to help in your specific goals.In general though, you can either find a fee-only CFP that has expertise in real estate and other alternative investments, or you can find an advisor who is at the very least willing to have a conversation free of charge prior to any actual investments so they can give you a very good idea of whether they would be able to help you prior to beginning a relationship.

If they find out, then legally, contractually, they have grounds to retroactively void the policy and deny claims for *anything* it covers -- including losses totally unrelated to STR, like wildfire or a windstorm.  

Although things will change this year, between HELOCs, 1031 Exchanges, and a Business Partnership, I'm up to 15 doors (including my personal residence) and I haven't done a down payment since 2015.

Would you have any recommendations, in your experience, for what to look out for in the documents that would be red flags or items that would negotiable?

Popular markets often include beach towns, mountain retreats, and areas with strong tourism.It’s also important to research local regulations, occupancy rates, and management costs to make sure the numbers work.

However those that are .. i see this stuff as fine tuning  and there is network opportunities for those doing deals.. but it cant be Hey I am just a beginner and i have no real capital and just because i am part of the club you should do deals and include me.. does not work that way. 

That said, do your calculations for cashflow include setting aside 15-20% of monthly rent for repairs, CapEx, vacancies, etc, etc?