Please also remember that not all states conform to federal law.

It also greatly epends on state laws.

Knowledge of real estate principles, the title transfer process, and real estate laws specific to the county and state the subject property is located in4.

I don't really expect the property to cash flow, I realize that it's an expensive place to operate a STR and that on-island management is necessary by Hawaii law, but I'd like to be able to cover most of my mortgage and expenses after putting 30-40% down.

What is the maximum prepayment penalty allowed by law in Arizona in a seller financing deal, and how can it be structured?

Laws vary from place to place.

@Sam Trulli, have you ever thought about exploring single-family homes with in-law suites that can be sourced as an STR?

This is rules and laws.

Dad retired with 35ish years at GM, father-in-law still works for Ford.

I also would look for a market that is emerging, has population growth, jobs expanding, favorable landlord laws, affordable for the residents.These are just some metrics.