He goes all out for guest experience though, well above the average host with car service, butlers, constantly upgrading amenities.For me it keeps coming back to a simple fact:  to beat the average, don't be average. 

It also keeps you active looking at properties where too many investors now are virtually looking and missing all the basements where all the problems are.

or just keep holding out and saving? 

The other heir does not want to keep their share of the home.

Our screening process tends to keep riff raff out, but like any real estate deal we see the occasional problem child and deal with them swiftly before they upset the order of the home.  

Any best practices that has helped keep it under 2%? 

Keeping interest below the cap rate by 1.5-2 points sounds like a great idea!

Keep your JOB.

You would have ongoing filing requirements with the State and would need to keep business records and documentation.

I spoke with the lender we used for our home mortgage, and he recommended against it, but I feel it is because he does not offer loans to LLC's and is obviously trying to keep my business.