Many keep multiple properties in one LLC when they’re starting out to minimize administrative work and costs, then create separate LLCs as portfolios grow or risk exposure increases.

I am not providing any type of legal advice, but you want to research this and you can also look at the "Howey Test" as it is very likely what you are planning to do would be considered a syndication, not a JV. 

However, I note that you have opted not to disclose the name of the company that sold the property to you despite multiple posters asking you this question. 

For managing from abroad, tight scopes, fixed price bids, and consistent photo/video updates go a long way, and having one reliable local point person instead of juggling multiple vendors helps a lot.

I operate and self-manage multiple STR's.The second part is you need to check up on the quality of the work. 

Having your wealth spread across multiple properties is a form of diversification.For someone just starting out, I think the class of property or market is less important than the people you will be involved with (tenants, contractors, property managers). 

Further investigation reveals that, under their stewardship, Versity has relinquished control of several properties: lenders are initiating foreclosures on multiple assets, receivers have been appointed in others, and they’ve pursued bankruptcy for at least one more.

If you can’t self-manage, interview managers like you’re hiring a key employee and stress-test their systems, reporting, and response times.Think long-term optionality.

I use multiple sources to determine what the market is.

That all makes sense, and it sounds like you’re approaching it the right way, especially stress-testing occupancy and being conservative on insurance and cap ex.One thing I’d focus on as you narrow in on the second home loan is that you’re making two decisions at once: 1. what’s cleanest for the deal 2. what’s most resilient for the balance sheet long-termSecond-home financing is often the least friction up front, but it can quietly lock in some constraints around future leverage, basis, and exit flexibility, especially given the insurance volatility.