If so, what steps did you take and any tips and pitfalls to avoid? 

There are a lot if pitfalls for the unwary.

Way too many possible pitfalls.

WHAT ARE THE PITFALLS, ILLOGIC, BLUE SKY ASSUMPTIONS IN THE ABOVE EXAMPLE?

There are many pitfalls to Sub2 deals, they can work in certain situations with motivated sellers and properties in any condition, but you need to understand the consequences of what you agree to.

Any recommendations from audience, suggestions, pitfalls?

@David Taylor One way to confidently buy is to know your market thereby knowing what to pay...there was a commenter on STR pitfalls that listed overpaying as #1 error.

Trying to mitigate against common pitfalls but I think a good lease should do it.

Other info: income=$100k year, only debt is current mortgage, making DTI = 30%Any thoughts or advice, specifically pitfalls that I may fall into?

Or if your current LLC does file it's own tax return you could sell as the old LLC and buy as a new LLC that is disregarded to your old LLC.It's a huge game of musical chairs with so much potential and pitfalls.