Hey @Mike Nelson, never assume anything about STR rules and regs.Here is the STR rules for Oak Park - https://codelibrary.amlegal.com/codes/oakparkil/latest/oakpa...I would call the city and make sure it is legal for a specific property.Now regarding the famous person angle, sure it can add value to the property or as a STR, but for STR use, I would think you would need it to be in original condition with a lot of the furniture and knick-knacks that were owned by the famous person along with a bunch of photos etc featuring the famous person.If you buy a place that has been totally redone but was owned by someone famous but has no features or things that were theirs, then I don't see it being a draw. 

As a starting point: -If they work full time and make $700k a year -Don't want to or can't spend time self managing a short-term rental -Don't have a spouse who wants to take the lead on managing the rentals They are likely not going to directly reduce their taxable income with real estate year-to-year. 

I also want to say that if you see this as a true passive investment, you'll be in for a surprise because it's anything but....usually.

I recently relocated to Arizona, drawn by its rapid industrial growth, particularly in high-potential sectors such as semiconductors and electric vehicles.What I Bring to the Table:I have hands-on experience as a real estate agent during my college years and am currently exploring opportunities to transfer my license to Arizona.

So, if you create an LLC in another state, you will likely need to register it as a foreign LLC in California.

Love to keep relator out of it, but may need realtor to find a next deal for me as a duplex up to 4 plex on VA loan/owner occupy.

I guarantee you are more likely to secure favorable terms if the seller likes you and can imagine you as a great operator for the business.

I'm thinking of buying this as a rental, renting out the house and fencing the back part and renew a lease to rent it separately.

I`m new to real estate and looking to wholesale as a start.

Denver is very expensive for a new guy who doesn't have loads of capital so a market like Missouri for example is intriguing for far cheaper real estate but then Id either have to move, improve the property remotely or simply buy and hold as a rental for X time.