Do you have a 501c3 that you operate under (and rent the house from yourself), or do you purchase homes with an LLC or personal name, and run as a regular business? 

To me BPRE was more about the individual stories of the investors and how they operate, with the hosts sharing their experiences as it related to discussion.

The properties we operate are all in Indiana. 

Have you taken the time to search AirBNB and VRBO in those specific areas to see how many STRs are operating?

I have been funding these types of props since 2002 for a turnkey company in Detroit who used LA based sales agents then over the years I have met most all of the Marketing companies or they have sold clients of mine props I see the commish on my huds. 

A mentor of mine told me never to purchase a property without off-street parking because he always thought he got better tenants when they had cars.

Most people don't know how to use a wood burning fireplace correctly - operating the damper, not closing the damper until the fire is completely out, going to sleep with the fire or coals still burning. 

Fannie Mae will allow you to transfer the deed to an LLC if you decide to try to go the conventional route, but the loan would still be in your names and you'll need to pay a title company a second time post-closing to do this  for you. 3) I can't speak for the area so no comment there4) If you're self managing, make sure you find vendors you can trust in the area since you won't be able to easily verify if an HVAC guy, plumber, etc. is trying to rip you off and tell you to buy something you don't actually need. 5) Make sure you have clear alignment of goals and a clear operating agreement that spells out what to do if those goals start to not align in the future since you'll be jointly obligated to these properties. 

I have the same dilemma and can't find a rock solid tool without spending 100's of hours building mine...much appreciated.

A friend of mine, Ryan, who invests heavily in Baltimore, realized his interest costs were eating into his cash flow.