I've never done this before, and I'm not finding a lot of info on the subject here on BP, especially as it pertains to Missouri specifically. 

I’m actually looking for an out of state property, being specific in the Great Lakes region (OH, PA, IL, etc) and I’m looking for my first investment property Hey Juan,I 4 doors out here in Ohio and would be more than happy to help you get started investing here.

Instead of this, I find it more helpful to look at percentile performance across the market for a specific asset type, and also to check comps.

I can't help you with Jersey specific questions.

Account managers have literally no idea about day-to-day operations and glaze over specific questions asked to delay and confuse owners. 

These have a much higher CoC ranging from 18-30% depending on how involved you are, the property specific and its execution from a design/amenity standpoint to management.  

@Christine AledamIf you create a California LLC, the $800 cost is a tax deductible expense. 

Here are 10 tax tips every homeowner should know:1️⃣ Mortgage Interest Deduction: Deduct interest on loans up to $750K!

You'll also be able to find answers to your market-specific questions there as well. 

Someone I know bought a ranch to use as a short term rental property in 2021 for $1.7 million.Engineers did a virtual site visit, they were able to assign a value of $347,000 to either 5-7-15 year assets that were eligible for depreciation.In 2021, the bonus depreciation amount that you could take was 100%.This means that the owner could immediately deduct the full amount of eligible property in the year it was placed in service, rather than depreciating it over time.With that in mind, he took the full $347K deduction in his FIRST YEAR of ownership to offset taxable income from rentals.This was roughly ~20% of his purchase price.It was a big win for him.In 2024, the bonus depreciation rate is 60% so the calculation would be different.That said, you can still save and defer a ton.