Side Note: there are only a select few cities in the Denver Metro Area that allow non-owner occupied STRs.On the other hand, just flipping by it self is more of a job imo.

The owner generally has a few documents (change of owner and payee) to complete and then an annual inspection.

I think of it as a land contract for a business sale.Why would an owner occupant want to buy the LLC rather than the property in their own name?

Just ask the over-leveraged folks what happened during the GFC of 2008 or during the Covid times of 2020 or even now with all of the multifamily home owners.

I'm curious what kind of list he used.If you work with a list broker they can suggest lists that can be customized to your area and investing goals.Absentee Owners have been the go-to list for years, but in a competitive market like yours, you need to get creative since it's safe to say that the absentees have been getting multiple offers in the mail.Consider Owners with Low Financial Stability Scores and Seniors with Long-Time Ownership.

Another good way is to start cold-calling property owners.

Over the years, I discovered that many business owners and investors would like a partner in helping them with long-term tax planning and wealth strategies.

@Janice Johnson, to put it simply, wherever you can find motivated/distressed property owners.  

Depending on the loan product used - to purchase a non owner occupied investment property you will need a 15-20% down payment plus closing costs.

There are quite a few of Sell By Owners listed which would be a value add play there.