In most cases, neither is warranted.Warning: I am not an attorney, and this can be a complicated topic.

You could then complete the construction and build your primary where you want on the land.It's a bit of a complicated process. 

Another complication I didn’t hear him bring up is the selling part.

The process is pretty straight forward and not complicated at all.

But with three partners and one looking to move into the property it will probably be complicated.

Renting to a friend can complicate things, especially if you're starting below market rent.

I would imagine Long Beach is complicated to get into the STR game but I don't personally invest there so not sure.

. - PM has no breakup/termination fee- PM does not take project management fees, except on large or complicated CapEx projects exceeding $5,000. 

Unfortunately, it's now going to get more complicated:(There are two types of approaches PMCs use to bill for maintenance:1) In-house ServiceTechs on the payroll, so owners are billed for their time by the hour.While the labor charges above are useful, they don't cover the true costs a PMC incurs, like:- Payroll costs for FICA, Social Security, Medicare, etc. that typically add 25-40% to the hourly rate- Medical insurance costs for the worker- Payroll processing costs to handle all of the above- Liability insurance costs in case worker damages something or injures someone- Workman's Compensation insurance- Costs of vehicles and tools- and more...Typically the management contract will disclose the total hourly rate an owner will be charged.

DST is too complicated not to have due diligence as part of the service they are offering (plus the commission they make should warrant more help that you can rely on).