Red flags for me include people who are overly optimistic without considering risks or those who don’t seem to have a clear plan for their contributions to the partnership.

I would both buy a property to get your feet wet and at the same time make a plan to scale.  

I currently have a duplex in Milwaukee and am living in a single family home that I plan to turn into a SFH rental.

I am planning to get into the TN real estate market as my first investment and am looking for some information.In particular: Areas to steer clear of, property management fees, typical cosmetic rehab costs, etc.My strategy is to put large down payments on 2 properties (relative to housing prices) to help pay for my living in NY while still gaining appreciation in a growing real estate market.

Provided I can establish a solid investment plan tailored to their financial needs/comforts such as debt ratios and income, they would be more than happy to offer me some financial control.Additionally, If I wanted to, for the sake of building my own personal wealth, I admittedly have the luxury of taking a loan from my parents.

I wouldn't start investing in the US if you have no plans on coming back from living in China.

If you choose to move forward, I recommend having a backup plan in case Hawaii outright bans STR.

Plan for a smooth transition: Respect the notice period and prepare for any potential disputes.

It gives you complete control over the property and helps you build the foundation for future growth.If you're planning to expand your portfolio, I strongly recommend partnering with a professional management company.

Will take some refining but that is the plan.