Tennessee’s no-state income tax policy can be a nice perk for long-term wealth building.Indianapolis Pros: Having real estate connections in Indy could give you a competitive advantage on deals, local market insights, and trusted contractors, which can be invaluable for a BRRRR strategy.Ultimately, your “competitive advantage” might be stronger where you already have boots on the ground. 

Unfortunately it’s very probable you will be responsible for this unless there is a statute of limitations in your state which could come into play.

I called one other and was told them same thing.My local agent said different states have different rules and she didn't know what was mandated.Jacksonville is turning out weird.

State, County, City rules and regs every one is different.

If anyone has any pointers on getting stated I would love to hear them!

Hey @Meghan BegueI used to live in the Springs but now live in Denver and invest out of state.

Appreciate any insight  Depends on where you are because every state and locality is different.

I make money just doesn’t show all of itWith 20% down and your credit, as others have stated there is no need for a co-signor.

Also, do you reconcile your management income to check to see your charging what is stated in your management agreement? 

If the business sale proceeds or K1 are considered passive income, can the strategy as described here with my wife (no W2 income) as the active manager of an out of state STR property, work to offset the business sale proceeds?