Starting locally vs. out of state:I always recommend starting locally if it aligns with your goals.

So if we go w/ the $700K purchase price of the new rental (paid in cash from the proceeds), that leaves them w/ $300K to pay capital gain on, @15%, totaling $45K. 

Typically lenders will use the total rent being collect or the market rent given on your appraisal, which ever is lower.

They will issue an IRS Form 1099 in January, reporting your total taxable income to you and the IRS.

Constructed in 1910, this property features a total of 2,793 square feet of living space.

Bathroom Renovations (4 Total)Scope of Work:Master Bathroom:Install new double vanity with quartz countertopsReplace shower with frameless glass enclosure and custom tileAdd a freestanding soaking tubUpgrade fixtures to high-end finishesGuest Bathrooms (3):Replace vanities, mirrors, and lightingRetile showers and floorsInstall modern plumbing fixturesEstimated Cost: $40,0003.

If you want a registered agent, there are services offering that starting at $40.

Is the property set up as a STR already or do you need to do the basic work to get it started?

Hey @Erika Andersen I totally hear you in wanting to save some money and taking on the task yourself.

And more than 600,000 residents are projected to move to the county in the next 25 years — raising the total to 1.7 million by 2050.Along with Mecklenburg, approximately 79% of the growth in the Charlotte region is expected to occur in the counties of York, S.C., (312,810 to 481,714 people), Union (269,572 to 481,612), and Iredell (212,583 to 335,056 ).County growth in the Charlotte region.A historic jumpIn the last 25 years, more than 962,000 people moved to the Charlotte region.And, as always, if you have any real estate investing questions, I'm here to help!