The sooner you use a system like this, the easier it will be to keep track of it all when you have multiple properties. 

If you invest repeatedly with one operator who is repeating something you've seen them do successfully in the past, then it may be easier to do your due diligence more quickly.

STR-friendly markets make it easier to get started and grow your business, and the lack of state income tax is a huge perk.

But then I remember I am an expert in my market and know which areas are better suited to my target goals.

I have yet to do my first deal, I know it takes hard work, but they made it seem easier and better than going the normal route and than what it actually takes to get your first deal or at least started.

Remember when land buyers pick a target, they have TONS of work to do getting that property from dirt to payday, so they know their purchase choices, and they have a war chest usually stacked up ready to go.

Interestingly, though, people who have experience with STRs seem more likely to pivot to the MTR strategy once they realize how much easier it is and how well the renters treat their units.

If you want, PM me and I will send it to you formatted to make it easier to read.

I see that kind of structure (maybe different splits or thresholds) with first time LPs - it's generally simpler and easier to understand.

Not sure how will it work if you want to target Midwest or other out of state properties.