I’d reach out to your attorney asap to get the process started.

Are there any unique considerations or red flags you look for compared to the traditional rental process?

I'm still in the process of growing my portfolio, but have heard others 1031 all their smaller properties into a larger building and have a property management company manage, OR, set up a seller financing deal with another buyer that gives you the cash flow you desire. 

@Anca R. and everyone, thanks for the shout out.To simplify the process the best I can, I'll address and break down each concern. 1.

In fact, I would estimate that it is mostly upper middle-class folks that have the money and wherewithal to go through the vacation rental process - prepayment of substantial monies, etc.If you only have one property, I would just stick with Venmo, CashApp, or Paypal.

Prove your work ethic, and opportunities will come.6.Enjoy the process.

If you're still in the process of identifying and connecting with a QI, I'd be happy to provide a referral if you're interested. 

The foreclosure process is not cheap or fast.

Know the lingo and the processes.2.

Whereas with an STR, even with clear english detailing any issues up front, is often booked on a whim with an overload of information digested in a short period of time.