Also do research on what's required to properly manage a LLC so the veil cannot be pierced. 

Currently, I have an LLC that operates as a management company, which collects all the income from my two short-term rental properties.

Buy and holds is the key to true wealth with all the benefits of depreciation, appreciation, loan pay down by your tenants, leveraging the equity, cash-flow etc etc, but it often times isn't the active income that pays the bills until you build up a portfolio and even then there's the tenant management or managing your property managers.That's why I'm involved in all 3.

TYI still know property managers who swear by them.

For over a decade, I’ve focused on multifamily acquisitions and asset management with firms ranging from small boutique offices to large syndicators.

Even help with after you get your property with calls that help you manage the property manager!!

We recently started a Co-Hosting business and are managing for one other person.

That's just my take on managing expectations.

But yes we do bifurcate our portfolio and manage it to make sure it’s well balanced as well and not teetering too far one way or the other.Chris, I never knew about SEC audit.

For example, one $27/hr FT property manager of mine can manage 140 leases.