The fear of making a mistake, the uncertainty of the market, and the sheer volume of information can be overwhelming.

I am not sure about STR in Cleveland and how much that market supports high end STRs and highly designed STRsThat said, I disagree with just looking at others.

(This actually happened to me in VEGAS.

I've received their rent roles (4,760/mth) but believe that the market value is about $6,600 to $8,100/month.

By far your best bet are cheaper markets.

I may re-invest in the Bali market at that time.

I realized I have deep experience as a renter... across multiple markets, city councils, market classes, and building types (I'll list below) over 3 decades and 9 properties.

The issue I see is that market has historical appreciation below average (not bad, but slightly poor).  

You would really want to do your own due diligence and probably fly to the market(s) you'd like to invest in.

My question is: between now and when I make that first investment, is there a limit or tax traps to watch out for in deducting expenses as I set up my entity structure, pay for software tools and research materials, and (most notably) travel to markets to do market research, meet with realtors, look at properties, etc.?