High prices, government over regulation, high taxes and a negative net migration in population FAR out weigh the fact that Indianapolis is 3 1/2 hours away.

As for government backed financing I do it after the loan is finalized but keep in mind it’s a violation of the loan and they could call it back.

Familiarize yourself with Louisville's short term rental regulations as well (https://louisvilleky.gov/government/planning-desig...).Good luck!

Also, look up the new areas the federal government is investing in.

The rules don't change much in terms of what is tax deductible just because it sits in an LLC.You are correct in that putting it in an LLC prevents you from getting government agency (i.e. fannie) backed debt, which is allowed on up to 4 unit buildings. 

Can I ask you, or anyone else reading this, who within City Government do you contact to find out the regulations for STR?

My problem really was that I didn't perceive at the time that the tax advantages are so important for a guy working on his own properties largely alone or with occasional help.Federal lawmakers understand that the small, local landlord is improving his community by doing something that the government simply can't do affordably.

You should not be dealing with tenants until you know and understand the regulations that govern your business.

These products are a great fit for buy and hold investors and offer favorable terms and underwriting processes compared to traditional Fannie Mae and Freddie Mac loans - also helps you to get around maxing out your 8-10 loan limit with the government loans.

You have to have faith in the government that they won't change the rules on taxation down the line.