@Mohammad ArifWhat is your risk tolerance?

The renters will contract with and pay rent to the management company (not to us).I would like to protect the property and my personal assets from any legal risk from renters.if we use an LLC to manage that risk…1) Does our property need to be in an LLC or can it remain outside somehow2) What role is the LLC business performing (is it also considered a property management business and thus require a real estate business license in some states)? 

It ultimately depends on your individual investment goals and risk tolerance.

Its the cheapest viable lower risk lower cost option. 

I would love to partner with someone so I can get "my feet wet" with deals without facing 100% of the risk head on. 

I've got several clients wanting a vacation rental in Colorado who are watching closely.  

Called and emailed several departments/people with every new person that finally replied sending me to a different person/department.

You can also get a cosigner to help bridge the income gap if you need it.DSCR's are also tricky if you dont own a property yourself (risk of occupancy fraud).

We've installed several thousand square feet of Lifeproof shaddow hickory across our portfolio in Western MA and Central CT over the last few years and it has held up great.

If the goal is $500k in annual cash flow within five years, realistically, you'll need to explore creative/higher-risk investment strategies such as rent-by-the-room.