sort of guess they can dissolve anytime but procuring cause would apply or something, albeit potentially difficult to trackPart why I think upfront payment will not work well, nor the fee-based where it’s more like attorneys.  

This will help your lot gain more exposure and will hopefully help to procure you a buyer as well.

2- If I employ a full-service property manager to handle tasks such as cleaning, maintenance, booking, and guest communication, while I focus on business aspects like property search, renovation, decoration, bookkeeping, and supply procurement, would this still qualify as material participation or could it pose a risk?

I don't know if this is common in most politically blue states, but I heard a lawyer from Los Angeles once say this (from his experience with SoCal judges): the failure of a tenant to procure renter's insurance will not alone constitute sufficient grounds for eviction under a lease agreement.

However, in austin, you are at the mercy of the permitting process, so there's no way to guaranty that your sign company will be able to procure a permit for the billboard.Also, austin is NOT allowing any new billboards inside city limits.

Someone upthread mentioned that Branson has had STRs longer than the booking channels have been around, and that illustrates a point related to this: in the olden days, when you'd look up a vacation rental in the classifieds, people were more tolerant of the idea that they were sort of borrowing someone else's house and things might not be completely perfect and they'd have to procure their own supplies, but these days, the booking channels have created almost hotel-like expectations.

You agent should be able to procure a copy of the HOA agreement from the seller.

This is doable however my time to find, procure, and renovate rentals is very restricted due to my life on active duty.When looking strictly at the numbers a mortgage provides a better CoCR and a better ROE, but stepping back and looking at more plain facts it seems like leaving the house paid off is the best bet, thoughts? 

I am procuring deals right now that are cashflow positive in the first full year.

They are always looking at ways to improve their operations: being vertically integrated (as is BAM), but they go above just managing their own properties to actually procuring many of the finishes for their renovations direct from manufacturers.