Also be aware that LLCs are not a set up once and forget about it.

Something to keep in mind with STR, that's tied to why REI is a smart game to play - control is the name of the game.You want to control the guests and rates (vet them in hopes of avoiding property damage, set rates to attract those willing to pay more for quality)You want to control the costs (furnishings, consumables, cleaning/repair/plumbing/electrical)You want to control the property (choice of property, location, financing terms, well or city water, septic or city sewer, etc)This is all going to be very hard to do, if not impossible, if you don't OWN THE PROPERTY. 

Set up phone calls and luncheons.

They are not on the MLS.I can help find properties, set up mgt, etc.

A blind monkey can set up a listing search for you. 

@Michael TarverFirst one is just a set of steps.The second is just a facade.Neither are foundation related.

Check out my personal favorite, Set For Life by @Scott Trench , or The Total Money Makeover by Dave Ramsey. 3.

My original plan was to put a HELOC on each unit and pull 80% of the value out to recoup my cash, however now I’m considering doing a cashout refi in six months for the same amount or more.Using the HELOC, my original plan was to take a 50k line on each unit and use all of my cash flow (no money set aside for reserves/profit) to not only pay the interest but also the principle down.

I know this doesn't directly answer your question, but setting something up like this for the future would likely eliminate this problem next time. 

It seems to me if the tenant truly is willing to offer up $300K down that he is serious about the property and that he is confident they will have financing set up by the time their lease is up (22 months).