I've read a couple of Brandon Turner's books now and have been getting really into the mindset to start this journey.A couple major items I'm initially thinking of is where to start.

There is a $500 per day penalty, up to $10,000, and imprisonment of up to two years for the WILLFUL failure to file initial or updated timely reports.Where to file the BOIR report?

This land was from my initial protege.  

@Jessica HowellIn the operating agreement we typically put like $1,000 as initial contribution.

Initially they balked, but eventually they relented* We kept our inspection contingency to void (not negotiate), and included a financing contingencyHow did you finance this deal?

Initially I was planning to withdraw Roth IRA $ to invest. 

One of my son accompanied us to the financial planning session and he asked us several questions afterwards such as "Are each property going to be co-owned?

For the experienced cohosts in the group, I’d love to get your thoughts on payment processing options for cohosting companies (LLCs) that position themselves as property management companies but operate without a broker’s license.As an investor and soon-to-be STR entrepreneur, my business will initially focus on managing a small portfolio of vacation rentals with plans to scale. 

Initially we thought we would flip, but now we're thinking of holding and using the equity for future investments.

Forcing the seller to sell because they initially agreed can be a recipe for disaster later.