The second one to build a security net.I've simplified the deal a lot but... am I missing out something obvious?

Is that correct or am I way off?

Am I on the right track with this approach?

I am just starting out with a STR and found that VRBO is not very specific if they are collecting the tax and paying it to the State as a marketplace facilitator or am I responsible for this tax collection and payment ?

Quote from @Amy Smith: Be careful you don't get in too deep.

Does this approach seem reasonable, or am I undervaluing the property?

Am I correct that a condo, depending on area and neighborhood, could be a lower risk/maintenance investment for an absentee landlord as opposed to other properties?

Am I missing anything significant in this thought process? 

If yes, am I eligible for a 1031 exchange even though I claimed the home as my primary residence when it was rented? 

Am I looking at this right?