Renting the PropertyIf your parents rent out the home, they have multiple income-generating opportunities: Renting As-Is: A 4-bed/2.5-bath home in a desirable area could command a high rental rate, likely around $2,500–$3,500/month, depending on local market conditions.

I realize it's just an example and my comment is a generalization but just something to be aware of.With regards to the original question, I think it comes down more to what you want to do and what the offer is for walking away vs. rebuilding.That is the exact example a public insurance adjuster used when speaking to a local investor group a few years ago.

For several reasons (property taxes, politics), I would prefer to begin real estate investing somewhere other than locally. 

In 2022 the rents increased 12.1% year over year which was the 3rd highest in the entire country per https://www.axios.com/local/cleveland/2023/02/14/cleveland-rent-prices.

Also Cocktails and Real Estate at Patriots place.BP does have a local meetup section which usually has good local options.

We put together multifamily deals locally, and also run a monthly meetup group.

NMLS call center said they have no problem with it but it strikes me as odd that the MU4 filing requires you to disclose other 'financial related activity'. 

Starting with the Right PropertyGiven that this is your first STR and you’re planning to manage remotely, I’d suggest focusing on a market with a strong local infrastructure for short-term rentals—like Panama City Beach or Destin.

Hi Michael, we're a national lender, so if you need financing in either locale, feel free to reach out!

I am on the board of CFRI, the local chapter for National REIA.