For liability purposes our financial advisor is recommending creating a LLC for managing all of the STR stuff.

BAM and Praxis have definitely managed the situation better at this point in time. 

After you chose a city/state I would recommend building your CORE 4 which includes finding a strong investor-friendly agent to help you find a contractor, property manager, and attorney

Quote from @Wale Lawal: @Paige GardnerYes, this strategy is possible, but it comes with risks that you need to manage carefully.

You’ll need to treat it like a business—handling tenant management, accounting, legal compliance, property maintenance, and more.That said, when done correctly, it’s a powerful tool for building wealth!

Here's her most recent thought on the matter if it helps: "Lack of inspection during building by project managers [is the problem].

We manage STR, reach out to me and I will give you Shannon’s contact info.

If the negative cash flow is manageable and the appreciation potential is strong, it could be a smart move.On the other hand, investing out of state allows you to enter more affordable markets with strong, steady returns, helping you to build a diverse portfolio over time.

If there’s a significant difference, it might justify the cost of adding more beds.For example, we manage a 4BD property where one bedroom is currently locked off, so it only sleeps 6 (1 king, 2 queen).

At this time I manage and renovate majority of all my units to keep cost low but most likely not the best use of my time although I'm skilled at it.