BiggerPockets is full of resources designed to help you along your journey, whether you are just getting started or a seasoned investor.

@Jagan ReddyI'm not a CPA or a cost segregation specialist, but I do know that if you are not designated as a  real estate professional, then you can only offset passive income by your passive losses.Qualifying as a real estate professional is more challenging than most people want you to think.

And since you are out of state you will need to be open to suggestion on design, size, etc.

Yes, the Poconos area is saturated but I still believe if you buy the right property in the right spot and you invest in design and amenities, you will do very well.

Please note the information provided below is a layman's definition designed to provide a basic understanding for the general audience.

@Dylan S. seek advise of a CPA, but form an LLC and get a S-corp designation. 

I lacked the architectural knowledge to design my own.

BiggerPockets is full of resources designed to help you along your journey, whether you are just getting started or a seasoned investor.

My husband and brother both have extensive backgrounds in construction, while I have experience in design, so I am very confident that with the updates we would make, the house could be worth over $900k.

Step #PhaseStep1DiscoveryTalk to experts and learn (process, tips, design tips)2DiscoveryCreate social media and document story3DiscoveryGeneral research - budget considerations, financing options, permits, regulations, tax considerations4DiscoveryMarket research - competitor analysis, analyze guest reviews, market trends5DiscoveryGather ideas/inspo (blogs, articles, youtube)6DefineCreate brand and vision7DefineCreate guest requirements (e.g. coffee maker, natural light, near activities, etc.) and prioritize must have, nice to have, etc.8DefineSketch idea for look and feel (architecture and design) - map out the floor layout9DefineConsult an architect (is this needed?)