But vacancy rates doubled which wipes out your profit to the point of negative cash flow territory if you have a newer mortgage with a higher rate.The number of inquiries have gone up exponentially but the number of qualified renters have gone down exponentially.

Midwest is a broad territory to be considered a "hot spot". 

If you start pooling money from people who are not full partners (i.e. have decision making power), you will start to cross into the territory of securities, in which you will be subject to SEC rules.

The question of how soon, the answer is much sooner than any of us wish to believe, As humans expand into new territories both geographic and genetic. 

Aggression aside, intact dogs tend to urine-mark their territory, incl indoors.

Staying in first time homebuyer territory is smart for the quick sale.  

However it does allow the agent and brokerage to be protected incase of commission disputes, it sets apart specific addresses or territories in which this agent is working with you.  

After passing the export operation and actual delivery to the territory of your state.

https://www.biggerpockets.com/blog/short-term-rental-loans-a...High Level --Conventional will typically offer lowest rates/fees but harder to qualify, especially if you are scaling and past the first couple of properties or going for the high-end of the market-2nd Home (10% Down) - should be very careful here - these are not intended for STR properties and people using them for pure investment properties are entering dangerous territory (you are attesting to use it as a rental half the year or less, no management, need to live in proximity, etc.)- DSCR Loans - typically your best bet if you don't quality (or have "outgrown") conventional or looking to scale a portfolio or diving into more specialized markets. 

Once you have that general knowledge, the key is to gain market-specific information about the territory in which you intend to work.