Let's say I went ahead with one such deal, would this kind of buy and hold model be sustainable going forward with continued deals, or at some point this isn't going to cut it without real appreciation on the table? 

Very unsustainable model as we work to go digital.

I think getting multi-family and turning into a STR could be a great business model and is something I’m looking into currently, but it carries more risk for sure.

These are all things you need to have in place BEFORE you think about scaling up and taking on investor capital.Now- the other part of your question about the fund model versus assignment process. 

I mostly stick with buy and hold which is a much easier (and lucrative) business.If you really want/need to stick with the flipping model, make sure your skills are up to par to tackle things that a casual flipper can't handle.

FYI: we went through the Anderson law recruitment pitch, and would have loved to go with them and their business formation model, including the use of the holding company, etc.... 

Not a model of safety, so I don't recommend it. 

Didn't think about turnover costs from the PM, will add that to my model.

Don't get me wrong I would love to have 10 houses like you have, but I could never have built a viable business model on it.

I was very available for them to show the unit and made sure it presented like a model home.