I should have clarified some of the things you pointed out though as that is common practice buying a STR anywhere to verify what permits you need and how to operate legally in the city.

One land lord friendly ( jackson MS) one Not landlord friendly Portland OR metro with its rent control and other very tough rules.

Owner-occupied transactions are mostly emotional decision based.Investors should check emotions at the door and only make business based decisions.What does that mean in practice?

Experience and practice helps of course.

You don't need gig speed for this, just enough to connect and control from your phone. 

As ravens fly across the sky,I pass agreements swiftly by.No need to claim the haunted land,Just find another eager hand.A trader's art without a trace,What practice runs this spectral race?"

You can control a lot of aspects of the loan including LTV, length, type, and where to deploy the funds (BRRRR, flip, new construction).

Typically: Pros: - Fully passive- Equity growth (hopefully) - Smooth process Cons: - No control- When they liquidate, you liquidate and need to 1031 again (usually they have other funds set up, however) - Make sure debt is rolled over correctly Hope this is helpful!

I bet that translates into other good practices, like fast response times when people reach out to you.

Is that standard practice to have to do this, or am I missing a trick or a different loan type similar to a HELOC?