How are you managing it?

Try interviewing at least three managers.1.

@Eli King Did you manage to figure this out?

You will probably be told to have one LLC for each property, plus one LLC that owns all the LLCs and then a separate management LLC.  

Our PM has previously said they must have properties they manage up to a certain ‘standard’.We do not want to pay legal fees for Small Claims Court.Any help is appreciated.Stephen E

Best way to manage a STR is with lesser debt.

Fannie Mae's guidelines verbatim are as follows:Must be occupied by the borrower for some portion of the yearMust be suitable for year round occupancyBorrower must have exclusive control over the propertyMust not be rental property or a timeshare arrangement (this has the following disclaimer in the guidelines:  If the lender identifies rental income from the property, the loan is eligible for delivery as a second home as long as the income is not used for qualifying purposes, and all other requirements for second homes are met (including the occupancy requirement above).Cannot be subject to any agreements that give a management firm control over the OCCUPANCY of the propertyThis means that as long as you intend to occupy the property some portion of the year, you could absolutely rent it while you are not using it. 

My husband and I own and manage two single family rentals and are looking to grow that business. 

Those management companies knew they had no units available.

VA property standards will apply here, and commercial real estate tends to be more beat up than residential in general, and on top of that high vacancy real estate is also almost always beat up real estate that has been poorly managed and maintained for several years.