Gita,At least the way I prefer to do things is to only run accrual based accounting activity on my day to day operations.

LLC in the state of operating?

On a commercial asset the value is directly based on the NOI (net operating income).

There are so many new operators in the STR field now, and the questions about certain things are mind-boggling.

Sounds he’s not interested in going through the rent up stage and being an operator.

Over time, rents may increase, improving your cash flow, and you’ll gain equity and valuable experience managing tenants and property operations.

Racketeering Influenced and Corrupt Organizations Act. 

More than likely the asset will in a location where cap ex & management/operational costs are disproportionately higher and therefore your expense ratio will also have to be adjusted to a higher number.  

I just like that it’s all there and organized and there is a team supporting it and me. 

I do not know PL too much but I know it is the most popular for small unit count operators.