This will ensure that you eliminate turnover costs and still get the raised rents that you are seeking.

All the other tax-related questions can be easily handled.....the hard part will be to find $2-5 million worth of property that will provide the kind of yield you are looking for.

This is something that must be dealt with on a case-by-case basis, but you can make some basic eliminations from local municipalities that have completely banned short term rentals, or made them near impossible to operate on a small scale.

I'm sure they'd love to help and can easily do what I'm talking about as it's a part of any real estate transaction!

Have your landlord insurance and umbrella policy and keep your properties in good repair (eliminating/reducing risk of negligence,etc type issues).Here are a bunch of prior discussion threads on LLC and insurance which I think you will find useful. 

I can easily see spending $15K to furnish and trying to figure out how to factor this into the profitability picture for the investment and what’s realistic.

If they are professional, they can explain this quickly and easily.

Turnover it a HUGE PITA,  so even though you could easily rent it, it will cost time/money/stress-- the easier path is just to adjust the lease and make them in favorable terms-- and make sure everyone agrees and understands.   

Depreciation, like most deferred retirement plans, postpones taxes, it doesn’t eliminate them, unless you never sell the property, or keep “exchanging it” , usually on less favorable terms and with large third party fees.

Since it is on a different platform I don't want to cause a stir on BP, so PM me if you would like more info and details on where to easily find these events.