@Kirsten Milliken,It’s fairly simple and cheap to set up an LLC in Colorado.

Most people won't hesitate to do that.Here is a simple lien release we use...

Plain and simple, there are just better markets for cash flow with less archaic tax structures and market swings. 

People purchasing single family homes for almost retail price for outdated home that will not yield any profits unless the work is DIY.

For example, if I were hypothetically looking for real estate in Wyoming, knowing next to nothing about it as a simple Ohioan, I would see after a quick glance that Park County is one of the best counties in the state, though it appears the crown for best real estate would have to go to neighboring Teton County.

When wrap head around this simple truth, it is understood how it can vary, how inputs ARE and will always be required to various degree and various repetition.

DIY managing is usually best, so you learn enough to avoid getting taken advantage of if/when you hire a PMC in the future.Your challenge is learning enough to avoid lawsuits and costly mistakes!

You don't want to DIY something like this, especially with the covid eviction moratorium. 

Here's a very simple break down that you can do more research on if you choose....Short-term rental insurance...This coverage is "STR homeowners" policy that would cover any damage to the property from a storm, fire, guest, and even liability if a guest gets hurt.

Since I'm only at 1 property right now, bookkeeping should be fairly simple.