Blake, I am a Waco local, have worked as a project estimator for Belfor property restoration, remodeled homes in Waco, and have local insight to great General Contractors as well as specific tradespeople. 

LLC's can sometimes complicate things, just open a bank account for your rentals and use a program like quickbooks to do and manage your books. you could even hire someone for around $100/mo to do this for you as well

Study flipping very well before you jump in. 

These are 1 bedroom/1bath units, 650sq ft, priced under $700 a month so I dont think its competition from the newer buildings that cant afford to price rent so low.We maintain the units very well and have recently renovated a bunch of them with lvp flooring, new cabinets, etc.

You could also instead: get a construction loan and buy a fixer home with no ADU and you build it yourself. usually - I see people buying a home like this for $650k to $700k and then adding the ADU for $100k where you end at $750k to $800k with a well renovated home! 

May as well just put your money into HYSA at 5% without the stress and hassle.

More exit and pivot options as well.  

Well, when it comes to filing taxes I usually don't rely on the kindness of strangers (especially when they have no liability), but if you think getting a lot of replies (some conflicting) will help you make up your mind - Have at it.Honestly, am not trying to be a jerk (as you can see it comes naturally), but your tax guy is the best liability shield against the IRS you have. 

Labor costs for skilled labor vary across the country as well as with the age of properties so I think you would want very local data to use. 

Otherwise, Incline Village & Crystal Bay are one of the easier places to purchase and run a short-term rental.EAST SHORE, NEVADA - DOUGLAS COUNTYThere is a 600-permit cap, as well as a limit on density (the total percentage of STRs that may be permitted) per neighborhood area.