Starting with a single-family rental (SFR) property is a practical approach.

Instead, focus on aligning yourself with an experienced investor who practices what they preach.I started investing house hacking.

Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice.

I live in Sarasota County (outside of Sarasota City), FL and trying to understand the rules, regulations and loopholes with STR properties.

Ensure you understand property laws, taxes, and local regulations.

Too many arcane rent control regulations to trip you up.

Hi Melissa,Thank you for the very practical advice and your insights.We have hosted providers, lawyers, grad students, nurses and one diplomat who stays in one of our 3 bedroom has the embassy paying for the house and she has renewed the past 3 years.I can see the bigger homes for corporate housing except for the one bedroom, one bath condo downtown near the hospital.i really appreciate you insights!

They suggest relying on the inspection contingency instead.Is this a common practice right now, or is it specific to my area?

What is best practice?

Backup Withholding: If a contractor fails to provide a TIN or gives you an incorrect TIN, you may be required to withhold a percentage of their payment for federal taxes (known as backup withholding) and remit it to the IRS.Following these steps will ensure you are in compliance with IRS regulations and avoid potential penalties.