Quote from @Dave Hart: In the weeds on this one.

Yes, jump on the STR sites and the MTR sites..

Just my 2 cents.

Mostly on trade accounts with local businesses for the materials, some business credit cards, some of the contractors were OK with waiting 30 days for payment. 

If yes, this is a smart way.There are variables in the middle, but 99 percent of part-time agents don't make it and drop their license within a couple years or just pay the fees and do nothing.

We are getting a sofa bed for the living room of our STR.

If we opened the LLC, would/could we transfer the ownership of the property to the LLC?

These neighborhoods have had favorable zoning for a number of years and development usually follows the path of least resistance.Keep in mind prohibitive zoning is a leading barrier of entry and is usually why neighborhoods lack new supply even when the underlying fundamentals and demand are strong. 

Or to live off the cash flow?

@Tanya Maslach What was the asking the price and what was your original offer?