I'm also looking at properties in Alabama and Indiana, but haven't pulled the trigger yet due to personal complications. 

Austin has seen some decreases in rents as supply has surged, CA and WA have complicated landlord laws.

One, was adamant that it was a bad idea because it would create an equitable interest for the tenant and if they defaulted, we would have to go through a judicial foreclosure, and then evict which could take 12+ monthsThe other lawyer, said it was no big deal and the amount we received was not enough money to establish interest in the property.

Hey @Beth Anderson, I wouldn't complicate it too much since you are just starting.

The best way to do it is when you actually live on the property, ie. a double/duplex, or just renting rooms in your home.It's an entirely different set of skills from long term rentals, but I disagree that it's significantly more complicated.

It generally just complicates things.

If you do decide to invest in Florida, it's a good idea to enlist the services of a reputable property management company to help with tasks such as screening tenants, collecting rent, and property maintenance.It's important to manage risks when investing in out-of-state properties because it can be more complicated and may need local support from property managers, contractors, and real estate agents.

Complications:-The condo would not cash flow if rented out.

I obviously gets complicated if the splits are not 50/50.

There are IRS tests determining who is a 1099 vs W2 and then you have your state specific Department of Workers Comp that will have their own definitions of who is an employee and when you would be required to carry Work Comp insurance.To complicate matters there are a few states where the State itself maintains a monopoly on providing Work Comp insurance and the state is the only place to buy work comp (my state is one of those so I can't even sell myself work comp insurance if I wanted to).Here is an article on the three different methodologies the IRS may use to classify someone as W2 vs 1099.https://www.everee.com/blog/irs-independent-contractor-test/If you are really in doubt call your state's work comp office and ask who they define as an employee.