There's also an annual fee of $50. 

Strong Financial Returns: With typical CAP rates around 9%, and an average cost of approximately $530,000 for a three-bedroom, two-bath fourplex, investors can expect an annual income of over $60,000.

You can lookup annual revenue estimates on airdna.com for short term rents.Havasu is a great location, I am looking there myself.

•Strong Financial Returns: With typical CAP rates around 9%, and an average cost of approximately $530,000 for a three-bedroom, two-bath fourplex, investors can expect an annual income of over $60,000.

This effectively utilizes all dollars to be "put to work," versus having them sit inside the checking account earning .05% annualized.

Branson MO is a popular choice for an STR market with lower price points and consistently draws over 9 million visitors annually...Feel free to message me privately to connect and learn more about the market here!

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

We looked at some condos at Smuggler's Notch and even for a 1 bed condo the annual fees plus taxes totaled around $8,000-$10,000 per year.  

The OP is referring to transactional lenders charging 2 to 12% of the loan amount, not 12% interest on an annual basis.

Put simply, property management is a tough business and margins are small ($1,000-$1,500 annually per home)... managing contractors is difficult but the money is much bigger and much faster ($1,000-$5,000 in just a few months)... and selling turn-keys can yield $5k-$20k.