Most city/county regulations want no less than 1 million in liability, so we require that for any clients.

.- (more and more municipalities are adding anti-STR regulations- you are competing against so many other people who want to jump on the bandwagon- you have no real control or authority on the properties you manage- you will be held accountable by the real owner and by the renters - but no deep pockets to handle issuesSeems like a niche that is being squeezed out. 

Feel free to connect with specific questions. 

(Investigate the presence of Fortune 100 companies and industry diversity, using resources like metropolitan council reports and broker websites (e.g., CBRE, Colliers).)Affordability: Ensure household income has grown at least 1% YoY for the past 20 years.

I am currently lurking often and reading/learning as much as I can about real estate investing, specifically buy-and-holds.

So you can educate yourself to the specific neighborhood and home in the price range you are looking for.

His disciples seem to be willing to follow him regardless of industry concerns as they are dazzled by the possibility of profits. 

The industry has been over guru'd.

Best to seek counsel from your attorney and tax professional but if you are going to insist on saving a few dollars, best to provide more specifics on the type of partnership you are contemplating so you can get your hands on something that's remotely relevant. 

Also, there’s specific insurance policies (not simply landlord policies) that cover you for commercial use like STR.