In other words, the individual wants to purchase an STR but doesn't want to manage it at all.  

To make sure I understand, it's for people who don't have a lot of time during standard working hours or individuals looking to test a market.

CONS: HOA fees can be hefty, you can be individually assessed if there is a large repair in the complex and they don't have the money in the budget to repair. 

Read lots of books, listen to tons of podcasts, read blogs & forums, go to your local Real Estate Investor groups, network with other like-minded individuals, find a mentor, and don't over-analyze.

Check the SDAT info to see if the sales are to individuals or corporations for any clues, such as are the transfers to individuals with the same last names, are the transfers between financial entities, etc.

The percentage of the self rehab is really going to be dependent on the individual, and the capacity at which they can handle the more difficult jobs (electrical, specific carpentry work, etc.).

@Johnelle Stevenson When I first started I attended REI groups, went on Facebook, went to local auctions, messaged individuals on Bigger Pockets, used Propstream, Bandit Signs, Trading Buyers List with people that are in the same area.

Eligibility requirements include:Rent on individual units on the property must be capped at 30 percent of 115 percent of the area’s median income.Average rent for the entire project can’t exceed 30 percent of the area’s median income.The property must have at least five units.

If we were to sell the LLC, would it be better to sell the properties together with the business or break them apart and sell them as individual properties?

@Erwin MicianoI decided to join the Reserves as an Individual Mobilization Augmentee (IMA) so I am not in the drilling reserves (1 weekend a month, 2 weeks every summer).