Funny because I’m a physician trying to get to retirement with STRs-not sure if it’s going to pan out but being in a city with lots of tourists is helpful.

Their advice is the same your grandfather would give you in regard to pay off your home and retire.

The problem is, airbnb income is not considered "stable" so for qualifying purposes there isn't a way to project that accurately if there isn't any previous rental history for the property. 

Im not sure if I do enough to call it active but it's my only gig right now since I retired .No involvement , I go check on the property in Colorado on occasion to check it out the condition.from my decades of doing this you pay income tax to the state you live in..

@Robert Portal thank you for the mention of Rent To Retirement. 

(at least for the first few properties) I do not need cash flow in the short run but my ultimate goal would be to retire early from my investment properties. 

They told them that this investment will change their life and that money in a retirement account or 401k is worthless.

It allows you to build a stable, solid base.

This can be a city or neighborhood.We manage a lot of Class C properties in the City of Detroit, so previous evictions are common.We typically do NOT allow within the last 3 years and we want to see stable employment, income and no other major credit issues since.For Class B rental we're looking for no evictions in last 5 years.Class A, would be at least 7 years.Of course, there are exceptions to all of the above for extenuating circumstances the applicant is willing to provide acceptable documentation for.

Or are you looking to build long term wealth for retirement?