Lastly, do some initial research on local STR rules and costs to prepare for discussions with your team.Building a solid team, including an agent and co-host, will set you up for success.

Scope creep is a huge problem and the more you learn up about the project up front, the easier it is to figure out what actually needs to be done and avoid surprises (or pass on deals that need more than you initially think): https://www.biggerpockets.com/blog/due-diligence-ultimate-gu...I highly recommend building a contingency (I do 20%) into your rehab budgets for unexpected issues.

Your profit is the difference between your adjusted cost basis and your net sale.Adjusted cost basis is your cost of acquisition plus any capitalized improvements minus depreciation.It is very possible that you could sell a property you have refinanced and generate no cash at the sale but still have a big tax bill because you sell it for more than you purchased it for.

What I have learned is the usefulness of the lead-generating sites is very market-specific.If I were to estimate, in the last two years, my lease-ups came from Craigslist (20%), Apts.com (20%), Zillow (30%) and FB (30%).Most of the responses from my ads come from Zillow (40%) and FB (50%), but most of those leads are woefully unqualified (especially FB). 

My goal is to create generational wealth for my family and to eventually have the financial freedom to say "yes" to travel adventures as a family.

Welcome to BP - house hacking / mid term rentals are great strategies esp starting out, I think you are right on with initial gameplan (Oregon can be challenging for landlords though so good that you are open to other markets)

Even though 99% of their initial wealth came from her parents, all assets were commingled so could not isolate any of the funds or assets to make an argument about her being the owner.  

If your Alabama LLC conducts all operations and income generation strictly in Alabama, you may not need to register it as a foreign LLC in California.

I’ve listened to a number of clips/ shorts on YouTube of Dave Ramsey recently.First, let me mention why I was put off by Dave Ramsey initially in the past. 1.

They signed an initial one year lease but have opted to go month to month ever since.