This is an example I was just sharing on a fourplex deal in another forum thread:The biggest thing the particular course was "missing" was itemizing the expenses.

😜)Sometimes the money I bring may be enough to buy the whole place, sometimes it will be the deposit, but in either situation it makes it real.Second issue, Fear.The biggest fear I always encounter is the fear that the debt owed against the estate will somehow attach to him/her personally.I find articles from attorneys that most closely meet their situation and while explaining to them that, “unless they personally signed for the debt, they will never personally responsible for the debt.”

@Roberto Rodas, I would argue your biggest expenses are going to stem from capex items and tenant damage.  

The biggest advantage of an LLC for a vacation rental is personal liability protection.

Before you start looking for a property manager, what are your biggest concerns renting the rooms and managing the property yourself?

The biggest key will be your Property Manager, Lender and Realtor/Agent to find you the deals. 

My biggest advice would be for you to explore all options and do as much research as possible.

my biggest fear is not having enough reserve for a big unexpected item that comes up then I won't be able to pay back a loan or get the property fixed the way I want it to.

The 12 hour time difference will be your biggest issue, have you considered a call center service? 

I'll give you the reason, Douglas: the biggest risk is you.