We wish to maintain control of our ability to operate short term furnisehd rentals, so, we will avoid properties with COAs/HOAs unless they expressly permit this activity and are friendly toward operators.

I have no desire to mislead or be shady, I want to help the seller and go in on a partnership with the guy who maintains the funding.

I could probably quit, but it is just not worth it to me at this time as it is easy money and affords us more margin to save and invest ... this is the optimal trade of for us at this moment, but took a long while to reach that point.Third, I think you may need to reassess your strategy.

I also own a fair amount of rentals and know the work it can entail to maintain attractive and comfortable living situations for tenants and not be an eyesore in the neighborhood.

Once you have a few hundred units, it's not that hard to maintain that speed on your own, as long as your making good deals.

The numbers look okay for 20% expenses, but not 40% in my market, and I don't want to bank on optimism (or rather I want a 20% buffer).

Hi Derek,Cashflow positive real estate will help your ability to qualify for a primary residence mortgage, not hinder, assuming an REI-friendly lender, and that you maintain adequate PITI reserves (if you have healthy retirement accounts, that'll typically do it). 

I want to show understanding but also make sure I maintain the pressure to get the money in. 

A well maintained, C/C+ neighborhood with fair taxes, most likely a yes.

If your concern is that the tenants will know who you are, consider the cost of property management vs. the fees associated w/ registering and maintaining an LLC or DBA.