One thing to watch out for is that Atlanta has significant short-term rental restrictions in place, and while Buckhead is trying to secede from the city of Atlanta's governance, it has not been successful in doing so. 

If I was the originator on this loan (loan officer, lender, or whatever title is used), I would have made this restriction very clear to my borrower if they had explained that they wanted to eventually use the property as a rental.

Review your loan agreement for restrictions, and consult legal and tax professionals to ensure compliance and protect your interests.In C State, you can elect to file MMLLC as disregarded entity for tax reasons.

Of course, with all things, the answers to all these matters will depend on the circumstances.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

Even though there is a tenant there now, the association could restrict or limit renters there.

if not, you might be restricted to more passive options. 

But I would imagine the credit card companies would start to restrict me at some point.

I have experienced subletting working under some very restrictive and specific conditions.  

As far as finding deals, my plan is to start a mailing campaign and go the wholesaling route.

Sure, there were an initial few who blindly trusted Morris due to his TV persona, but it's really two main factors that fueled this engine for so long:  1)  A very successful social media campaign and 2)  paying fake rent.