Investing close to home allows you to gain hands-on experience, learn the ropes, and be more involved in the day-to-day.

Realistically, one checking account and an accounting system will meet all your needs and keep your business better organized than 7+ bank accounts.If you want to collect bank interest from excess cash, add a savings account.

Quote from @Phil Petite: Quote from @Scott Gresham: Hey Phil,I live here in Memphis and can say from experience that Tennessee makes it easy to setup an Llc. 

I have not done it personally but have some insight, maybe my reply may boost your post to someone with more experience in it. 

Also, our team has a lot of experience in working with Sec 8 residents and getting properties approved.

Ask an attorney for the cost breakdown, factor in holding costs, assume they'll do more damage on the way out and then ask for a bit more for the headache.But again, especially with no experience with evictions and it sounding like a mess, I would be very tempted to just walk if the tenant is not going to cooperate. 

One thing lenders want you to have is experience.

Would encouraging longer stays realistically help reduce this, especially for a medium-sized cabin?

Offer a great first-stay experience with thoughtful touches like welcome gifts and clear communication to earn those initial positive reviews.For Big Bear’s rules, stay on top of local ordinances—maybe even connect with other hosts for advice.

highlight_post=5222888&page=1#p5222888https://www.biggerpockets.com/forums/311/topics/915728-experience-with-rent-to-retirement-turnkey?