Not the other way around as the 'corporate veil of protection' is still valid while incorporating a business entity mind you.I think you're asking if alternatively an LLC would suffice as a way to organize, but this can easily be determined with an SEC lawyer (even an initial consultation).Your question indicated about ten people involved in this particular business plan and could be covered under the LLC as well in the ability of 'unlimited owners' (people involved)- but again that's where a consult with an SEC legal professional comes into play.There may be things that even your LLC would be involved with that (if you started there) would pop up on the SEC radar- and it seems better to know how to most legally organize from the start.There are various podcasts and books on this topic for folks in your exact situation, but I would consider maybe just skipping those and going for a meeting with an SEC lawyer from the gate- better safe than sorry, and you may be advised an LLC would work just fine for you.

So as a newbie on short term rentals I would probably manage the Property initially less then full potential.

@Michael Plaks I edited my initial response.

I can see exactly which tenants have scheduled payments, which have initiated a payment, and when payments are expected to hit my bank account.

I'm trying to figure out what are the trade-offs of hiring a property management firm vs just doing the initial work myself.

I’m looking to start my rental property investment in Austin, specifically in a SFR initially.

If initial hours finding and acquiring and possibly rehabbing is anywhere from 10-100 hours depending on how much work is involved let’s say each deal needs 50 hours of ‘work’ on the front end.

You now have the $20K in renos back in cash as well as your initial $20K down payment. 

Take your contract with you to initial meeting and get the seller to sign.

Take your contract with you to initial meeting and get the seller to sign.