But what it does provide is a framework.

Quote from @Burke Atkerson: With over a decade of real estate investing experience and over 100 flips, I now provide private money & hard money loans.

Could VRBO users from Michigan provide some clarity about the topic of sales tax/lodging tax collection and payment to the state.

Hoping that someone could provide some guidance on this so I can decide how to proceed?

Quote from @Roger D Jones: SamEveryone here is providing great points to consider and if you were my son I would say that at 360k this 'dog needs to get put down'. 

Now that Steve has provided you with the right places to look, you will be even more prepared in your vetting the next time.

Contractors, unless you have a working relationship with them, normally do not want you bouncing ideas off them.Understand what their hourly rate is, have a discussion with them that you are okay with paying them an hourly rate if they walk the property with you and provide you a scope of work along with an explanation of what you can/can't get away with in regards to improvements.ask them if you go with them, if they can credit you the amount that you paid.Once you develop a working relationship with a few contractors, you can bounce ideas off them and expect quality responses.I do not invest in New York.Best of luck. 

I'll provide some tips below.2.

I would provide the capital and otherwise stay passive, but hopefully grab better profits than private lending?

These areas can offer great opportunities for investors, often providing better cash flow and lower entry prices compared to LA itself.