If a quit claim deed was used to transfer title in a normal sale one just wants to make sure the chain of title seems clear and that the owner issuing that deed had clear ownership.This is why we have title searches done and pay for title insurance to research these sorts of things and to protect us against the oddball unforeseeable circumstances.

Whether that becomes some sort of Stock/ETF investment or you use it for real estate investing when you have saved enough for a down payment is up to you.

Like windows open, lights on, door left open, that sort of thing.

So partial deduction allowed up to 150kI would be careful giving him a deal on rents as the IRS could classify this as some sort of hobby or non investment property due to not being at or near market rates.

Most markets will have some sort of local STR host group on Facebook you can join, or I would even do a quick search via Airbnb and find a host that way and message them and ask them to lunch or coffee to pick their brain.

Being in STR, there are all sorts of things that pop up and being resourceful and creative in problem solving is huge.

I don't know all of them but have been on BP long enough that if I were you, I'd talk to at least @Jay Hurst and @Devin PetersonYou could also bypass all Tax Return programs and go NonQM of some sort, such as a bank statement or other type, but you'd still have factor in your rentals. 

That's sort of the catch, the larger the building and the more amenities it has, the more rules you will run into. 2-3 story walk-ups in nice neighborhoods could be a good place to start, lower HOA fees too.  

This is sort of what I was also thinking.  

Although after speaking with other investors, some are telling us that it is not necessary to start a corporation for our first investment and its better to just buy in our personal names and incorporate later.This sort of advice that we have received is based on the information that a corporation costs more to start up and maintain.Should we incorporate now or later?