Will depend on several factors like the type of property, type of tenants, your risk tolerance, other assets you own, your estate planning, laws where the property is located, etc.

Depending on which market you plan to invest, it's also helpful to educate yourself on state restrictions + laws, rental property management etc. before diving in.

If you're near a medical and/or law school, monthly rentals are preferred by those who are preparing for board exams over vacation rentals as well as by visiting professors. 

I've been house hacking my place (I rent out a 3-bed 2-bath residence and live in a small in-law unit in the back) for just about 3 years and have been setting aside money each month for my reserve fund.

In particular:(1) Should I hire a law firm or collection agency to facilitate the transaction?

Request advice from anyone who is either a lawyer in Ohio or is knowledgeable and experienced with Ohio rental laws.

.: There IS going to be a big impact on Real Estate, especially for Single Family and small Multi-Family that is Owner Occupied.The SALT Deductions are slated to expire at the end of 2025.Trump has already said that he will allow it to Expire:https://about.bgov.com/insights/elections/2025-tax-policy-cr...This is NOT a small change.The Standard Deduction gets reduced by about 40%.Then you get to deduct the SALT (State and Local Tax) that you paid PLUS up to $1 Million in Interest from your Mortgage against your Federal Tax Return.The only limiting factor will be AMT (Alternative Minimum Tax).In 2017 when this Cap was put into place, it made sense.However, now that the average Home sells for about Double what it was back in 2017, many normal Americans can benefit from the Expiration.I'm hoping that the Trump Administration does not extend the Cap.Too many people will love him more if he allows it to Expire!

(Couldn’t really afford the place, didn’t have good enough credit to be worried about an eviction, etc etc..)2) They should have posted a 5-7-10 (depending on local laws) to “pay or quit” as soon as the ent was late and started eviction.

For collections in Southern California, try Sutton Law Center or California Judgment Enforcement.

Non-US citizens can have LLCs in the US which will allow you to have a business in the US, pay taxes, and comply with laws.