Separate checking accounts not required, but you need to maintain separate books and records.The TREC requirement is correct, but odds of enforcement seem low.

I know that the first step is very important because I have already read the book. 

Constantly juggling guest messages, cleaning schedules, and last-minute bookings can turn the dream of passive income into a daily grind.But with the right automation tools, STR management can be not only hands-off but also more profitable.

@Melanie BaldridgeWhat is the tax implication if I swap one property for another that is valued at lesser amount. 

Quote from @Brian Felczak: Everything you need to know is available in books, blogs, the forums, and a little time studying.

The first question to ask yourself is, "Why would someone book this place?"

If they might stay, I pad my calendar so someone doesn't book it when I could just keep the current person.

Maybe Evolve would allow you to transfer all bookings you currently have for a fee?

I also completley share his advice on a bias for action.If you are interested in a good book reference with checklist like models, check out "The Perfect Investment" by Paul Moore and "The Book on Investing in Real Estate with No and Low Money Down" by Brandon Turner, both also available in audio versions.

@Bracken Bjorn - highly recommend David Greene's long distance investing book!