Advice for first STR purchase

[Mike Alio]

Hello everyone,

My friend and I are looking to go into business together and purchase our first STR property. I was looking for some general advice and which directions to go. My friend lives in Missouri and I live in Pennsylvania. We're looking to purchase our first STR in Branson MO. We want to make this long term and create a career from it.

-With regards to creating a real estate / property investment business, should we start that process first, or buy the property first? 

-Has anyone done a partnership / LLC with partners being in different states?

-Are there any sources for creating a business that would have the laws for each state / city / business together?

-We still have a lot of research to do. Where are other areas first time investors should look into? I know the south would be smart because of the occupancy rate throughout the year.

-What are things we should look for in STR properties that will show signs of success?

-Any tips are greatly appreciated and thank you for all of the help!

Thank you,

Mike