Hi @Rachelle BertumenI live and work in the Truckee/Lake Tahoe area and personally own two long-term multifamily units in Reno.

Additionally, I am beginning to believe you don't live there to be the "house monitor" as this seems to be going on for a time period. 

Also, the state of formation is likely where internal disputes would be brought among LLC members, so if you and a partner and/or spouse live in CA, you probably want to arbitrate in CA if the two of you had a disagreement.

I live in my own primary residence and that is fully paid off. 

I live in El Paso, TX and would like to invest close to home first before venturing in long-distance.

A few other things I'm considering;- I don't need the extra cash flow to live and am just approaching it to remove the high mortgage interest, but also hedge risk that the current stocks might tank in a few years.- Could take all current cash flow and a few thousand a year to pay off the property in 5-10 years.- Hold for a bit and 1031 into something else but am fairly confident there is not much appreciation to come on this property.

I'd like to purchase an STR (I probably should have said that), being that I live in South Florida, Orlando isn't too far, but also not close enough that I can drop by anytime, so I thought I'd need a PM, or perhaps just a great team in place as far as a mechanic and cleaner, realtor and lender.Thanks again!  

In my area these are rare so they are difficult to set market rent, and I imagine get a lot of wear and tear with a lot of occupants living there. 

Consider using an FHA loan to secure a 1–4 unit property with just 3.5% down and take advantage of tax benefits by living there for at least two years.

My name is David Burton and I live in TN!