I am glad you highlighted the management piece as this is a crucial part of buying in another market.Excited that you are stabilized and are generating cash flow on that deal. 

Meeting the 100-hour material participation rule qualifies your STR income as active as long as no one else participates more than you, This will allow losses to offset W-2 or other active income.While there’s no official IRS form to track hours, maintaining a detailed log is essential in case of an audit.

Much of the negotiations during due dilligence depend on demand for that specific property- hopefully your agent has build leverage in to your contract that they can use to help you with this piece. 

You’ll sign a piece of paper at closing saying you plan to live there ], usually within 30-60 days.

This ensures you’re protected in case of an audit or any legal questions.4.Consult a Real Estate Attorney•This step is critical!

My best piece of advice is find the most nit picky building inspector you can.

I found this deal while looking at the deal next door which was a larger piece of land.

Quote from @Brian Christinakis: Let's not forget the liability piece that STR insurance provides in MUCH higher liability limits for incidents ON your property but also incidents off your property while your guests are staying there (like using a bike).

- Loss of historical data (for both IRS audits and for personal portfolio tracking.)You should be able to print the general ledger and Balance sheet / income statement for each period.

My number one piece of advice is finding a group that you can attend online or in person to keep you motivated and accountable to your goals.