For example, are there specific documents or information I should prepare, or would identifying a target property first be more beneficial?

For a yearly lease agreement specific to Phoenix, AZ, you might consider starting with the Arizona Association of REALTORS® (AAR) or another local real estate organization.

Consult you insurance broker for specifics but I found this policy to be very protective and reasonably priced.With regards to an umbrella policy they are typically good to have.  

I would also add that you join your local REIA chapter (Real Estate Investor Association) as it will allow you to network with other STR owners and get more location-specific information. 

Hello,I am a real estate investor located to Southeast MA, I own and manage a small portfolio of 23 units and am looking to expand and scale out of state as the returns and market have been quite difficult in my area: due to CAP Rates, specific building class I am looking to invest in, and rising interest rates/minimal inventory, as well as it would be nicer to be diversified and in a more landlord friendly state.  

Plus, very important to understand the new layout and how the dig down will effect the existing stairs, plumbing, etc.Happy to connect and talk through your specific situation because @Bruce Woodruff mentioned every project is different and know one price fits all espeically with these complex jobs.Where at in Chicago is your building?

One workaround could be keeping a separate spreadsheet to track your adjusted tax basis accurately and only using Stessa for operational insights.You could also reach out to a cpa and see if they have a specific recommendation for software to use.  

It seemed like most the folks you have on staff are CPA or other, but no specific legal experts.

Are there specific qualities or terms you look for that make the relationship a good fit for your investment strategy?

They don’t answer any specific questions you have.