this is only a good idea if you have reason to believe that the area will be appreciating quickly, which is called speculation and akin to gambling not investing. me personally, I would rather put my money on black than bank on market appreciation. negative cash flow rentals are a time suck and money suck.

if you're in St Pete frequently you'll need to turn some of those vacation trips into work trips - networking, building a team, and trying to find a distressed property.but the trick is then going to be moving quickly if either 1) a distressed property hits the MLS (unusual, but not unheard of) or 2) a distressed property comes to you another way (from your network, from a wholesaler.)how you will move quickly enough to lock it down and buy it, if you're in RI? 

I've been a solo broker for well over 20 years and can spot a serious buyer/seller very quickly. 

Hosts usually take 20%a good host replies to the guests quickly with clear check-in information a good host will troubleshoot thermostats, WiFi, and get the house cleaned and ready quickly for the oncoming guest.

Buffalo is a great place to invest, but understanding that neighborhoods change extremely quickly is paramount to your success.

Based on a quick answer from Perplexity it seems like there would be no issue with you buying the home and collecting passive income, but you may not be allowed to manage it yourself since that is considered active work.

Know that every long term lender will require a survey and if something comes up on it when you are trying to sell or refi, you could get stuck in hard money without an easy or quick way to get out.Is there a pre-payment penalty?

TIAMichigan is fairly easy on Michigan Lara website it’s $50 to open a new LLC and they’re fairly quick with their turnaround.

I wouldn't mind jumping a quick call for questions or if you simply want a demo of how I have it set up and how easy its been!

That home would be a great candidate for a hard money loan that would allow you to quickly complete the renovations and exit.