The operational costs and logistics can be quite a headache. 

Be sure to iron out the operating agreement.

It doesn't matter how many are involved, how much money or even if they're related to you.With your typical syndication structure, the passive investors are Limited Partners (LP) and you as the operator are the general partner (GP).

@Lemanuel Turnipseed the only way you could legally own and operate a STR in Orleans Parish would be to buy a property that is zoned commercial or mixed use. 

That is the way I approached it in my public service career - we didn't have a profit margin, so if I let a bare minority get away with not paying their fees, taxes, etc. then I would be hurting the vast majority who were counting on us to take care of their enterprise. 

In general you'll need an operating agreement between you and your members of the LLC that outlines everything.

If you use private money it's very easy to add the partner to a new or existing LLC via an operating agreement.  

Can anyone help me with thought process here or best approach on order of operations in expanding? 

You're supposed to figure out your annual NET INCOME:Gross Rents - Property Taxes - Insurance - Property Management - Estimates for Mnt & Vacancy = Net Operating Income (NOI)NOI / Value = Cap Rate

It seems there is some variance in what is considered an operating expense.