That being said, this projection isn't absolute if you don't maintain the formalities of the LLC (including co-mingling of personal/business funds, corporate governance).

The urban houses do it bunk beds less as the demographic is usually younger and in town for events, business, etc.The beach is primarily multi generational families with children, and it is a good idea to have them there.To sell any product including a stay in your STR you have to know your audience!

What kind of things should I include?

However I can see it may work if you don't use the first come first serve screening I see alot of people employ. 

My understanding is that Seller pays closing costs as per this contract, including Owner's title insurance, settlement fee to title company and any other Title and Escrow/Settlement Charges.

Complaints I've read on BiggerPockest forums have included: vacancies not getting filled, repairs completed at high prices (not getting competitive bids, large mark-up), poor tenant selection, delinquent accounts not being pursued, PM has too much power (utilities in PM's name, contract with PM makes it almost impossible to fire, rent payments will continue to go to PM even if you try to fire him/her, PM doesn't give LL records to justify billing.)

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23DSCR lenders generally let you vest either individually or as an LLC.

If dad qualifies for a Solo401k (legitimate self employment activity and no w2 employees other than spouse working more than 500 hours annually) he can take a participant loan up to 50k or 50% whichever is less and use that for any purpose including loaning money to a prohibited party.   

Leases that were M2M, were brought to market rent and charged a utility charge-back fee.Plans to remodel units as they become available, include enclosing a 1 bedroom with a deck and converting it to a 3-bedroom unit.

Documentation would include move-in and move-out photos, checklists, a good lease, and proper receipts for repairs and cleaning.