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Your mortgage has nothing to do with your taxes.Here is a very rough starting point, however the actual calculation will involve more details:1.

Start with a RE attorney, by definition, your contract is voidable, and do not forget the title company has some obligation in this as well.

I have read the book on long distance investing and still am not too confident to get started.

You learn what you can as quickly as possible, and start implementing.

AIM: I am looking to start a syndicate. 

Is the property set up as a STR already or do you need to do the basic work to get it started?

we ran into this in FLA  a few years back when I had 4 starts and I exited that market.. permits  sub base all pretty tough for someone who is not there and already knows the systems hands down and has a devoted loyal sub base.. thats the key in my mind.

Start with BiggerPockets Ultimate Beginners Guide (free).

It sounds like you are off to a great start already especially by educating yourself!