If your plans are to buy the land, build an investment property and your friend run/manage it.

In the event that such notice of non-renewal by Owner is received by Broker, Owner shall pay Company the Management Fees, rental commissions, and all other outstanding fees set forth in this Agreement for the length of the tenant lease (including any lease extensions or renewals) or the remainder of the term of this Agreement, whichever is the greater of the two.

There entitlement stays on the property all the same but it's cleaner because you don't have to worry about due on sale or managing the sellers insurance, power of attorney, etc.

"Saturated" is a bit of a throwaway term IMO - I manage STR's on Oahu and while Hawaii is about as "saturated" as it gets with STR's, people are making great returns on the right investments.

I self-manage and use Quickbooks.

STR looks like an attractive option but I am a novice in this area so looking for input on realistic income and cost estimates of a STR managed by a 3rd party property management company. 

Now we get into management.

I manage over 50 MTRs in the Charlotte market.

Hi @Janna Afanasjeva - I am almost positive you just need to keep all the accounts completley separate regardless of business or personal account and it needs to be an interest-bearing trust account (or something similar).FOR SURE @Mark Ainley, @Jared Kott, or @Jason Marcordes could answer that question for you as they are all local property managers.

It simplifies accounting, enhances financial transparency, and supports effective management of your investment property within the LLC structure.Hope this helps!