In terms of renovations it really doesn't matter much from a tax perspective.The bigger question is what are your specific investment goals?

Unrealistic construction budgets are an issue new investors often face.

Would love to hear form some Multi-Family owners/operators in these markets about pros/cons and specifically neighborhoods to avoid.My wife and I have been to Columbia SC many times and, while we have never been to Little Rock Arkansas, we plan on going in Late March! 

However, the suitability of buying and renting out a single-family home in Richmond can depend on various factors, such as market trends, rental demand, and property values (similar case with all markets, really.)Chatting with a local agent in the area can provide very helpful insights into the market, data, and specific neighborhoods.

Does that operational aspect have to devour all cash-flow, no not necessarily but it could, all depending on situation specifics right. 

You should consult an attorney or CPA for your specific situation.ANONYMITY: When you create the LLC, your name is recorded on the documents and published on the Secretary of State's website for all to see.

Eliminate debt, establish a budget, and save.

Also, nightly stays should be adjusted based on your specific pricing strategy as well (e.g. longer stays further out, shorter as dates get closer or gaps exist).

I work with our project manager to get the property fixed up according to the specific property which may be fixing it a lot or a little.

For a yearly lease agreement specific to Phoenix, AZ, you might consider starting with the Arizona Association of REALTORS® (AAR) or another local real estate organization.