Big welcome.. do you have a specific neighborhood in mind, or are you still exploring?

Just know them going in so that you can properly budget.

if all properties you see are below market rents, than I don't think they are really below market, typically.Beyond the cost of vacancy, renovation budgets, etc that come into play.  

The specifics of your situation will determine where you might need to fall on that spectrum of holding period.

And if you’re targeting specific regions, what makes those areas attractive for your strategy?

Here are five dangerous provisions to watch for in an Operating Agreement:Dangerous Provisions to Watch:Authority to incur debt without investor approvalPower to make loans to other entities/projectsAbility to cross-collateralize with other propertiesPermission to use investor capital for other venturesCommingling of funds across different projectsWhy These Are Potential Ponzi Indicators:• New investor funds could be used to pay existing investors• Project-to-project lending can mask poor performance• Cross-collateralization puts your investment at risk for others' failures• Commingling enables masking of financial problems• Lack of project segregation enables fraudulent schemesProtective Measures to Look For:Strict single-purpose entity requirementsProject-specific bank accountsDebt limitations and investor approval requirementsProhibited related-party lendingClear fund segregation requirementsProfessional Best Practice:Request bank statements showing separate accounts for each project.

Hi Shawn, I don't think the verbiage in a notice like this is state specific.

What specifically are you looking for in terms of investing? 

- we are aware of the statutory requirements, just deciding whether the tax benefits would be worth it to us for the long term for a specific property - 

Hey @Mike Nelson, never assume anything about STR rules and regs.Here is the STR rules for Oak Park - https://codelibrary.amlegal.com/codes/oakparkil/latest/oakpa...I would call the city and make sure it is legal for a specific property.Now regarding the famous person angle, sure it can add value to the property or as a STR, but for STR use, I would think you would need it to be in original condition with a lot of the furniture and knick-knacks that were owned by the famous person along with a bunch of photos etc featuring the famous person.If you buy a place that has been totally redone but was owned by someone famous but has no features or things that were theirs, then I don't see it being a draw.