Put a virtual potential call center at the front line to field calls and this feels like something that could be done cheaper than what appears to be $26/door/mo.

But, in today's market, especially if you are not a builder already with your own teams, the cost to buy an existing property is often cheaper than constructing.But like Jaron noted, you have access to capital through some form of refi on inherited property, and that gives you options on how best to invest that money.

We will have tenants for 3-6 weeks following closing so theoretically we could insure on a traditional policy in the beginning, as it would be much cheaper.

if you can't do that, you won't be successful.there are challenges in supposedly 'cheaper' markets as well. 

Plus, equipment can be a hefty expense and may need repairs over time.Instead of a conventional treadmill, I would consider a walking pad paired with a height-adjustable desk-- its cheaper and can be hidden/discreetly tucked away.

@Pretty Khare As Ruben and John mentioned above, you can utilize a cost segregation study on your STR property to reduce taxable income (or create a taxable loss) to offset against your W2 income, but you need to ensure you are following the IRS guidelines very carefully.

From online research, I was able to find out that other cities in Ohio tax all your income (w2 & rental income) if you own a property there & some give you a small credit for taxes paid to other cities.My question is, if I buy a property in Cleveland (or a CLE suburb), would my w2 income be taxable in Cleveland (or a CLE suburb)?

In some states you can have cheaper LLCs.

It's generally cheaper to non-renew someone if they stop paying than to try and evict them. 

Can Only a PART of paid OPTION Consideration Funds be NON Taxable ?