This will necessitate the production of a Private Placement Memorandum (PPM), Operating Agreement, and Subscription Agreement.  

Trouble selling my NJ house necessitated STR.

I disagree with some on the side of "wholesalers are unlicensed realtors", not because of legalities, but because a realtor's motivation is not typically, especially in a bull RE market, to price with the investor in mind, but to price as high as possible to necessitate a sale, thereby leaving many possible buyers priced out. 

This will necessitate the production of a Private Placement Memorandum (PPM), Operating Agreement, and Subscription Agreement.  

But in reality it will take more, because once you quit your day job you become responsible for your own health insurance costs (unless covered by someone else)... so probably add $1,000/month for that as well, not to mention things like paying yourself a salary (which the IRS requires) if you are running your rentals under a corporate structure - which then necessitates employment taxes, etc.  

There are several financing strategies you might consider, depending on the lender's risk tolerance and your available capital.One option is a DSCR loan, which could work well if you can show strong projected STR income, but rural properties often require a higher DSCR (1.25x or more) and may necessitate a larger down payment.

This will necessitate the production of a PrivatePlacement Memorandum (PPM), Operating Agreement, and Subscription Agreement.Current cost are $8,000 to $15,000 for legal fees, inclusive of Form D filing with SECand notification filing for the states the initial investors reside in.

Although those can be valuable also.As you mentioned, many QIs will use a pooled escrow account necessitating bonding of that account. 

“Bootleg” copies of the PAR Lease are available that would not necessitate the use of a realtor.

I never saw RE as a passive activity, knowing that my criteria necessitated active involvement.