Learn how to analyze property, then practice, practice, practice.

Make sure you are applying long-term rental laws and practices or you will get yourself into a pickle.

(Yes, Colorado Springs also allows them in non-owner occupied homes but with limitations that in practice make it nearly impossible.)I still think this change is good policy, but for anyone wanting a vacation rental in municipalities that have a primary residence rule, this doesn't change anything.

As we have never been through this process, any recommendations or best practices would be greatly appreciated. 

The level of education, not to mention the high ethical standards enforced within the group, speaks for itself.We have a community of over 10,000 members committed to ethical business practices, and there is accountability for those who do not follow safety standards or ethics.

An investor friendly agent can do all sorts of helpful things, like setting you up with a search for properties or connecting you with folks who have recently done deals like the ones you want to do. 6) Consider analyzing a deal or two in your local market, just for practice, with a free use of our Rental Property Calculator (or other calculators).

@Ye Tun AungTypically, formation of a business entity is in the realm of attorney work, and though some CPAs will handle it, it probably falls under the "unauthorized practice of law," at least in CA, which carries possible heavy penalties with it. 

Look into some basic marketing practices.

I started with multifamily and was able to purchase several properties, and juggle a business and the deals simultaneously.

Written by attorney investors, it's full of practical advice about the management of investment property, has sample forms that can be edited, and - most importantly - tells you what your primary state laws are and where you can read them.