From my understanding, as long as you intend on doing a STR when you close, there are no rules against changing your strategy after closing, especially if you find that something else is more profitable.So in our case, the lender determined an STR would bring in ~$3500/month (with all of their conservative factors), but now that we operate it as a huge 3300 sqft Co-Living property, it actually brings in $7000/month.

If one tenant has been in there for that long, there will also be some serious capex and turnover costs.

There simply isn't enough margin in this business to layer on a national company, without charging you an arm and a leg and/or doing a substandard job.

I would read up on "Squatters Rights" laws and how long a typical eviction takes to execute.

We are based out of Long Island and invest in Milwaukee because of the L/T laws, price to rent ratio and some other metrics.Good luck on your journey. 

I do a good bit of long distance real estate investing and I am considering going into as new area. 

If I do this on my own, how would someone show a home long distance. 

If you do, you should expect a very aggressive challenge by the IRS.At $350K of combined value it might be worth the cost to get a segregation study if you intend to keep these a long time.

I wouldn't imaging the state where the entity is registered makes a big difference for most buying and selling purposes as long as you can provide all of the required documents for title purposes.

However, after accounting for long-term capital gains tax and other expenses, you would be left with $150k which is important to budget and account for.