Yes, as I'm doing more research, I'm finding that I would prefer to invest in markets that I know personally, so as not to rely on external variables completely.

I always remember that rockstars know rockstars, so find someone who is a mover and shaker - likely a meetup host - and then ask them who they know.The people doing 100 flips are super busy, so I've also found the best person to find is someone who is a step or two ahead of me...so maybe for you, that is someone doing 2-3 flips a year. 

If you and another person own a piece of real estate as tenants in common then you both own real estate. 

Do you have a personal connection to either of those cities/markets?

When your LLC takes a loan, expect as members to personally guarantee the debt.

Thank you,Jerry Jerry, I recommend getting in touch with an experienced broker who can educate you on all the possible options in the investment space for cash-out refinances.

But I find from personal experience and from my buyers' Airbnb experience that it's a bit of a hassle trying to get guests to rebook at the new listing.I don't know how strict Joshue Tree is at enforcement, but in Denver and Colorado Springs here, you could probably get away with an STR listing for three months without the license.

This is not tax or legal advice, just what I personally do, consult your professionals! 

You do have to get a good cleaner and handy person which can take some time.I agree with HOA's.

Thanks Talk to experienced PM's and Landlords in the area.