If you are new and do not have much exposure it’s a formality at this point you have minimal at risk.  

On the other hand, establishing separate LLCs for each of you, along with a formal agreement offers greater asset protection and flexibility.

Do mid term rentals listed through airbnb still need a separate, formal lease, similar to how a LTR would be set up.. or is the airbnb booking enough and provide enough safety to the landlord (e.g., tenant doesn't pay, destroys property, etc.)? 

Pick up a $4-$5M with 30-50 Units in a C area at the border of a B area, or in an expanding area.

I had lost trust with this landlord,  as she had told me i had to pay a $100.00 fine for a formal how complaint that was made saying i had my dog off leash.

Some have informed me that I must officially receive the keys and obtain evidence of the tenant's formal surrender of the property.

Unlike a formal educational program, there was ZERO structure and ZERO standards.  

Everyone has different perceptions for B Class and this is mine based off our market in Toledo.1) Mix of investor owned and home owners (Last few years leaning more toward home owners buying)2) Infrastructure supporting tenant and home owner demand (Car manufacturers, ProMedica hospital, Washington Local School District, Toledo University, etc...)3) Homes well kept, yards mowed, none or very few bordered up homes, cars with wheels, pride of ownership, lower crime, no riff raff roaming the streets lol4) All tenants employed and submit rent payments online.

For anyone who may end up reading this, as a follow up, (1) auction.com ended up not requiring the full $2500 deposit, since my purchase was less than the deposit requirement. (2) It took about 2 months to get the deed, because CHASE had a pre-foreclosure on it at the time of the auction, and so they formally foreclosed and then eventually got the deed, which they then eventually signed over to me. 

Meanwhile,  the real estate agent pushed “off market” properties are typically off market because they can’t convince the owner to sign an exclusive agency listing agreement and instead convince the seller to allow them to market the property without a formal agreement.