Jason - Whoever make loans to consumers utilizing a primary residence as the collateral, is subject to the SAFE Act and all of the other laws, rules, policies and procedures regulating consumer lending.

Checking occupancy, tenant laws, eviction procedures ALL should have been done long before now to have any realistic ability to make plan.  

I am diving into the purchase process and procedure as we speak. 

§Subd. 3.Procedure.

Here's a start: Scroll down to "Tax Sale Information" section http://www.tennesseetrustee.com/node/142 A lawyer's interpretation of the tax deed procedures in TN: http://www.notestinelaw.com/pdf/property_sales_tax.pdf These ought to get you started. 10% is a decent rate for a year and the prospect of getting title to the property after a year (even with the possible 3 year redemption) is pretty good too.

If you have contract questions for example, someone in Seattle is probably not going to be a great resource for you....or if you want someone to show you how to work the local MLS or tell you about local procedures....that's someone in your office, not someone across the world.

Currently, you can break PMCs down into 3 categories:1) Small mom & pop PMCs: Pros - one call for everything, very hands-onCons - usually very unorganized, which leads to mistakes, if they are sick you have no one to get ahold of2) Medium sized PMCsPros - organized, several backup points of contact, overall better serviceCons - things may take longer as more hands involved, stricter procedures can be frustrating3) Large PMCsPros - more data analysis for better service, more predictable servicesCons - even more hands involved, unique challenges often ignored (no process to handle them)Red flags:- Short agreement that leaves a lot open to interpretation, which usually means to their benefit- Not a lot of details shared about HOW they will execute their services, so no accountability- Tell you not to worry and trust them, when they haven't earned your trust yet- Don't have a website or owner portal- Aren't properly licensedYour biggest challenge will be screening to find a good one!

I'm using this time to learn, in practice vs. theory, the day to day running of a PM company so that when I make the jump to full time I've got policies and procedures in place and wont have to ask as many questions like this.

Yes, as it's been stated on this thread, STRs are residential assets and thus, are going to be valued based off sales comps, as is standard procedure.

So in that instance if that is there personality style by all means i think they would be better off with the PM who just follows written procedures with no thought to extenuating circumstances for the tenant..