If you go into Central or South Scottsdale (Old Town) $1M will buy you a smaller, older home, OR half of a big, remodeled home (as alot of the Arcadia and Old Town area are turning over old small homes to be big beautiful homes in the $2.5M range and higher).There are options.....for both buying and renting, that would work with your situation.By the way....it's 51 degrees in North Scottsdale right now where I live. 

I wouldn't worry about small details like setting up LLCs, just focus on establishing a solid market and making good connections with people on the ground there. 

Also if you need to go to court, usually its small claims and you don't need to hire a lawyer.7) Figuring out how to accept rental payments - most Class A tenants won't want to mail you a check.

You're right, I definitely do not want to force a bad deal just to avoid a relatively small amount in taxes.This morning, I spoke with the property assessor’s office in the county where my property is located.

When ready, start with a small property, near home, with enough capital in reserve to handle adversity.  

And that BNB that just got 40% of their investment back is now competing with you, the small investor with a single condo that you paid full price for with no tax benefit. 

In TX. 3 months from the time I purchase the land until they (I build small apartment buildings) are ready to be rented. 3 months soup to nuts.. is astonishing wow. !!!  

@Marc Shin We have used small baskets of the trash can size to make them look more upscale.

I’ve invested relatively small amounts in “flyers”, and because the invested amount was small in relation to my overall portfolio chose not to perform a thorough due diligence.  

Small businesses are typically valued at a multiple of SDE.