This might be to do a larger, more efficient and profitable deal, than just one investor could take down themselves.It could also to bring in a person/company that has a specific skill set that you or your company do not posses that will add value to the project.Larger projects more frequently end up being structured as a joint venture as there is typically a real estate operator who has a deal and the ability to execute but without the sufficient capital.

That being said it is frequently not the most lucrative profession.

If it were me, I would live in the market or visit it frequently for many years before putting my money in it.

Also look into what types of STR clients would frequent your area. 

@Nathan G.Hey Nathan, I've been fortunate (knock on wood) as the tenants who have issues have been providing documentation and communicating with me very frequently.

They are paper mills and frequently operate multi-state practices from one location. 

Lawyers a tool just like any other, and you should use them frequently. 

What's attractive for me would be going through each step in depth and not glossing over any in the interest of time like you so frequently have to.  

I'd love to hear some strategies you've encountered for dealing with cities that frequently implement rent moratoriums, especially like Oakland. 

During his time at East Carolina University, he was an eccentric professor who frequently talked about Las Vegas in his classes, veering off-topic.