Additionally, I'm working with the RE Ally Property management team, who was able to find a tenant to rent at slightly above market rates without any vacancy.

That is a good thing but if you have never managed it can still go sideways.

The growth of 1.6 million additional residents will require investments in infrastructure, housing and transportation, the organization added.The numbers were provided by the group’s research team with data from the North Carolina Office of State Budget and Management and the South Carolina Department of Revenue.

In the past two years we have completed over a dozen flips, We are holding 20 rental units self managed and 2 self managed Air BnBs.

I've managed up to 400 rentals and never offered a concession.

If you live in CA, NY, Boston etc - the financial difference is big enough.Investing in your home town is always best, you have the home-field advantage and you can buy, rehab and manage a lot more efficiently.

Second, have you ever managed an STR unit before?

In addition I heard that is better having one LLC for each property and one for management only.

I manage many of them in Jacksonville, and have a lot of information on them.  

This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.While the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall loss.