A quick overview: HML requires properties be in an LLC but I've read that rates are lower and the process is much easier when property is owned by a person vs an LLC.

It's a comprehensive report that covers a lot more than just a person's credit and criminal history. 

The sponsor will report to you regularly and you can begin to learn the 500 foot overview, ask questions and adopt the thought process of an experienced syndicator and how to operate a deal that is 75+ units, etc.I'm with @Michael Le... the bigger deals are so much better.  

@Peter Farina , An excellent place to start is The Ultimate Beginner's Guide to Real Estate Investing , which is a book that Josh and Brandon wrote to give an overview of many of the different types of investing.

@Clay Monroe Thank you for putting so much time into this overview!!

The overview that you have made is so appreciated.

I am curious if anyone has a comprehensive list of cities that are friendly to/allow Short Term Rentals and any specific rules said city imposes (for example, Littleton allows STRs but has very specific rules related to property acreage, etc). 

It includes, among other things, a comprehensive map of the Cleveland area, grading each census tract from A+ down to F, using a consistent, objective and transparent methodology using publicly available data (not subjective and arbitrary), which should help to get some legit intel around the risk level of any given specific location to really help you see what you are getting into.

I have yet to come across a more comprehensive metric.  

Wow, thank you all for such comprehensive responses.