Sad country we live in at times. 

We have a house in an opportunity zone in Texas that we bought in 2015, lived in for 3 years, and then made a rental in 2018.   

We overthink real estate...Just find a place that people with options want to live. 

My wife and I live in Easley & invest in this area.

If you are not planning to live in the property, then you are not going to qualify for an FHA loan.

I live in California.I also wanted to know if there was anything you wish you had known before setting up an LLC/IRA and why you chose to set one up and has having one met your expectations?

Thank you Eric.In addition to the rental properties, my wife and I have a paid off house, paid off car, and about $1.4m in retirement accounts, brokerages, and savings.We live in a HCOL area and our expenses are $9.5k per month even though we live pretty modestly.I set out initially to have real estate pay for at least some of my expenses in order to give me more freedom and financial security.Is your wife quitting too? 

Quote from @Kornelius Friske: We have a STR located in peoria AZ. it's 6 beds (garage conversion) and about 3900 sq ft in total. our energy bill last month was $450 and has been hovering in the $350-$450 range since we went live in august.

My sister and I have done all the leg work in finding where the 2 individuals lived at. 

You should vet the company to ensure they have the resources to pay the rent.You ALWAYS do background checks on the people living in your property because if you let in an axe murderer and they harm someone, you are likely to get sued.Whether or not you charge an application fee is up to you.