Some lenders specialize in this area.Legal and Tax Implications: Consult with a real estate attorney and tax professional to understand the legal and tax implications of owning an STR in a different state.I'm happy to answer any specific questions you have about my experience.

@Asher M.Possible, yes but like your lender pointed out it's going to be difficult to pass the self-sufficiency test (SST) for a legal 3-4 unit property.

Here's a good folder setup.Bank StatementsCredit Card StatementsProperty Management StatementsMortgage StatementsSTR Platform StatementsInvoicesReceiptsClosing Documents (Purchase/Refi/Sale)LeasesCheck & Deposit ImagesVendor ContractsW-9’s & 1099’s

Talk to the management company and if you're not feeling things are right or legal, then take legal action.

Without it they are not legally required to do that (look up the "blue brochure" https://dopl.idaho.gov/wp-content/uploads/2023/10/irec-Agenc...).

For example, are there specific documents or information I should prepare, or would identifying a target property first be more beneficial?

.- Also, you need a legal way to take back the deed if buyer defaults!

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

This eviction altogether cost me $20,000 - legal fees, lost rent, and rehabbing.

Legal Entity Considerations: Should I hold my rental properties in an LLC or trust for liability and tax benefits, or does it not make a difference for me?