I’m newer to Santa Fe though, but am eager to broaden my knowledge.What neighborhoods or property types in Santa Fe have you found especially promising?

Are you targeting the same type of house/area?

I have a real estate attorney that I have worked with in the past and will work with him on this also.Does anyone have advice on next steps and/or examples of terms, operating agreements, types of LLCs ect. ?

I do not hassle people with having to sign a separate agreement.Vrbo allows you to upload your rules and the renter agrees to these when they book.I just type my rules in the Airbnb listing. 

@Kevin Bartel I would say pick the type of real estate that matches your situation best. 

When you say "section 8" tenants, are you looking at low-income housing tax credit type properties, or standard rentals that are in lower income areas and therefore cater to HCV tenants?  

Pretend your getting the hardest rain you have ever seen and imagine where the water is going.I would also keep an eye out for sewer lines and type of material.

With this type of market your investment will get in the way of obvious appreciation. 

When I inquired about it, plumber said lining, it is usually not prefect since this is PVC breakage not just pipe cracks and the cost saving is not significant enough and maybe headache down the road.I will try to get more quotes and maybe a company that specializes in pipe lining options.I was told foundation work / under slab pipe repair is common in the Dallas TX area due to soil type.

If you're focusing on rural properties, sometimes local community banks or credit unions are open to these types of deals.