It is similar to the few posts where I mention what I believe to be the best sophisticated value add in So Cal market, tenant in common coop.

Though some of them are a bit more complex than a simple ROI or net cash flow, it is good to be able to run the numbers if and when you move to larger more sophisticated investment vehicles.

Sophisticated investors invest on cashflow where the rents exceed the mortgage plus expenses (and enough money to pay for professional property manage to do our dirty work).

For other less sophisticated platforms like VRBO we have to use trust accounting. 

Option 2- $7,000 (total comp less $25,000 deferred to 401k)     Option3 - $0 ($25,000 deferred to 401k and $7,000 is from s-corp distributions (no payroll tax)2) F1120s, line 17 - $8000 (pretty sure this is correct)3)1120s, schedule k, line 17c and schedule k-1 line 16 code D - $7,000 (distribution from s-corp)Did I miss anything?

The mixed component make it a more sophisticated investment.If you look into securities law in an effort to see if you need accredited investors take what you read with a grain of salt. 

Payroll, bookkeeping, etc can mostly be done remotely.Here is a great list of questions to ask a potential accountant:http://www.biggerpockets.com/forums/51/topics/70447-questions-to-ask-a-cpaAlso check out the www.NAEA.org page in your search.

With large properties that have onsite managers, it's usually all expenses (i.e. payroll) and about 4% on top of rents.

Yea he's an old timer, but he really made money with real estate, and had a pretty sophisticated way of analyzing and investing in RE.

We use Streamline PMS and they have options for STR and MTR, however Streamline is a very sophisticated expensive software designed for medium to large property managers.If you are self managing 1 unit (or a few) you should be able to use the settings on Airbnb/VRBO to make specific length of stay requirements/pricing etc.