They can handle bookings, cleanings, and guest communication, so you’re not always on call.Also, keep in mind that some areas have specific rules and regulations for short-term rentals, so make sure you understand what’s allowed in any location you're considering.It’s great that you’re eager to learn, and with the right strategy, STRs can definitely help you gain more freedom.

We are currently paying down most of our bad debt to put us on a better position to buy, and gaining more knowledge in the process.

If not, the way you build trust is to take a step back and gain some experience investing first in some way shape or form.Then you want to assemble a team who have the experience in all the aspects needed to make the proposed project successful.

Waco and Temple, Texas, are others gaining traction. 

You may show losses that can be carried forward and offset future capital gains.

Depreciation helps offset this, but be aware of potential capital gains tax if you sell the property in the future and depreciation is recaptured.

My goal is to create cash flow and gain financial independence to where I can leave my full-time job.

@Alexander F PollockYou may lose a tax benefit of a stepped up basis for capital gains purposes transerring interest away from her parents.Also consider conducting a judgment searches on all parties to the transaction to confirm there will be no title problems for would come up when the LLC sells in the future because you will not have title insurance to cover prior owner issues.

Rents will go up and your biggest mistake was to buy a nice house in a desirable neighborhood.The real threat is buying in the hood, leveraged up to the gills, maybe even with hard money, tenants are bleeding you dry, while you are writing checks to attorneys and contractors.Milwaukee is getting a lot of attention lately: cash flow is still better than most places and appreciation is stable at 5-8%.

There are pros / cons of whatever way you go about it plus a lot of unknowns.If your dad owns the place and it appreciates a lot and he decides to sell it, the gain can potentially be tax free which you wouldn't have the option for if it was a rental.I personally wouldn't do business with family.What if you own it and he rents it from you and you both have a disagreement on rent increases?