Third, develop a property management model and plan to keep expenses low and revenue high. 

What are the consequences if a BnB owner/investor (my client), decides to change hosts or self-manage in the middle of a booking?

Nearly 20-year property manager here.

Something tells me you won't be working 4,060 hours to do so - 80 hours a week year round.If it is a more active rental model that it is not considered "rental" income, then you would need to put in at least 100 hours with that being more than anyone else (employees, contractors, management company, etc), or you would need to put in at least 500 hours.So your "quick" question is actually fairly complicated. 

If she is, it will work wonderfully.My last piece of advice is to buy a few books and learn to self-manage this one unit.

Our family has used Rent Manager for PM for 20+ years.

I also wanted to start learning about the deal-making and property management processes.

Consider appreciation as well.There is more to consider, such as how you will manage the property, etc.

My structure is very much like you describe: a management LLC that operates the two LLCs, one is a FL LLC for the properties in Florida and the other a TX Series LLC that owns houses in Texas. 

Would love to connect with investors, lenders, agents, and property managers from the Faribanks/North Pole areas if you're here!