There is more beyond merely setting it up though involving the operating agreement, separate accounts and books and no co-mingling and many people don't keep that piece maintained too well. 

Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.2.

@Gail Travers thank you for taking the time to respond and for the book suggestion. 

Do you have a Loan servicing company that you recommend?

All by the room bookings required background check verification  That is good that you do that!

Most hosts in Chicago just pocket the full funds from direct booking, you would be in the very very small majority if actually paid city taxes on it.

There are a number of loan servicers who cater to individual and small investors.

Anyone know any good books on acquisitions when it comes to real estate?

A full-service realtor will typically get you the best price and handle everything—marketing, negotiations, paperwork—making the process smoother.

But around here some of the screening services that claim to do background checks do a lousy job of it.