Talk with your tax pro or reach out to my company for help

My wife is a realtor and my sons are MLO's and we started a lending company last year :)We do STR's mostly personally with our own properties and self manage all of them.

Could you recommend a trustworthy and cost-effective company for this? 

Your best security is your neighbors , they are right there and see whats going on at your property .   

It will take time.3) Property management companies, chamber of commerce meetings, local commercial RE brokers, etc are all additional options to network and find people who do deals.

You can use the Bigger Pockets management finder tool to look up MTR management companies in the area and then I have a few recs I can provide if you are interested.Shoot me a message if you would like to discuss further and I can help you strategize to make sure you make the best decision possible!

It's best to invest in a company/fund that does this for you. 

Brian Davis: My company SparkRental organizes a passive real estate investment club, called the Co-Investing Club.

Since the previous owner is getting most of the proceeds does the closing attorney issue him a 1099S and then issue my company one for a much lower amount?

However, there are ways to leverage SBA loans so they can buy a new primary and then look at their current property as an investment property and secure a DSCR loan to redevelop and rebuild.