Screen by what you're looking for; housing scarcity, tax implications, barrier of entry, coastal, climate risk off or on, etc.

A good manager will handle everything from marketing to maintenance and tenant screening, saving you time and stress.Vendors and LandscapingBuilding a team of dependable vendors—like landscaping companies, contractors, and insurance agents—is critical.

Quote from @Amol Kulkarni: Any individual PM (not associated with companies) who can handle 3 doors in Jax and Citrus Springs, fL I own a lot of properties in Jax and have a management company.

Strategic timing matters, especially with multi-state portfolios.Real Example:Investment property sale in 2019Federal noticed unreported gainTwo states involvedTimed response to fall after state deadlinesResult: Only federal adjustment appliedInvestors: What's been your experience handling tax notices across multiple states?

The good news is that there are still investable vacation rentals but historically the barrier to entry is growing each year. 

So, things change a bit.If it is his personal home, there are more restrictions.For an investment property, if you take over his financing, read through the deed of trust (mortgage) and see how they handle transfer of ownership.

A benefit of this setup is that VRBO still processes payments and handles the transaction.

@Brett Coultas if you're a newbie, you want to be careful of an "investor friendly" agent selling you something they truly don't understand:(95+% of agents only know how to handle owner-occupied transactions - you can verify this by asking them calculate ROI for you or Cash-On-Cash!

I'd have to ask my wife who handles the accounting etc about the fee question. 30 to 45min a month for 62 properties Not bad.

Here's how to handle your situation for tax purposes based on IRS guidelines:1.