If the condo is zoned for short term rentals the state won’t revoke that distinction.

Great deals both inside and out of the city can be found, but make sure to pay attention to that distinction.

Other than that distinction without delving in to the tax structure of the entities and their respective corporate formalities, you can own property out of state in both entities, just make sure to register that entity in that state as a foreign entity, which will also subject you to that particular state's taxation regime. 

They can help you identify deductible expenses, navigate the distinction between capital expenses and deductible expenses, and ensure you take advantage of all available tax benefits.

@Erin Wilging Submarkets in this instance would refer to areas within the city that are distinct from one another in many respects (economics, schools, crime).

Tenants are not likely to draw that distinction, nor are they likely to stand up to their landlords and threaten to sue over root intrusion vs. a sanitary napkin claim, and they will do all sorts of things to try and clear that "clog" and not call a plumber or their landlord but we get stuck with the thousands to tens of thousands of dollars to address the aftermath. 

Fort Worth is geographically quite large and has very distinct different pockets that need to be paid attention to.

The distinction is essential because it affects how your profits are taxed.

In reality, the city is dangerous and slummy and visitors discover that the streets are not lined by local stars and the scent of orange blossoms but panhandler, druggies and the occasional waft of urine.The big ticket, get-you-while-you're-on-a-high seminars might offer some content, however when we're new, we're in overwhelmed mode still trying to understand how real estate (or any other) business works.

“The courts apparently agree that the meaning of the words "trade or business" is uniform throughout the Code provisions here considered…No court has made an explicit distinction between a "trade or business" authority under one section of the Code and another under a different section.