Family/friends isn't an option for me, and I don't want to go the self directed IRA route because there are too many benefits I can't give up on (loss of passive loss deduction, can't do work int the rental myself, can't even save on commission as a real estate agent apparently).Thanks for your thoughts.

The sole exception may be if you're renting to a tenant who is just so old (or otherwise culturally disconnected) that they don't use digital platforms, and getting them to do so would be more work than the benefit would be worth.In my observation, hardly anybody under 30 uses checks anymore except where the government (or their old-fashioned landlord) requires them to.

There are certain benefits of starting an LLC (legal protection of your assets, with a proper structure - some tax savings, etc.), but there are also costs and time required, so I would advice to start as a partnership, and form an LLC if you decide to keep doing it on a regular basis.

I have 4 rentals here in a Columbia which I plan to keep, and my home, which I will likely sell if I move (for the capital gains tax benefit).The question I have is that Seattle is a hot hot hot market and while I’m totally fine jumping in with both feet, part of me wonders if it might not be a better market to rent in, which would  allow me to use the cash from the sale of my house for other investments.

So while as a whole I caution people against going that route, there are at least a couple companies out there who are legit and do it well.With that method, you get the perks of BRRRRing (forced appreciation) combined with the perks of turnkey (someone else does the work).So while standard turnkeys can't be BRRRRed, you can do the BRRRR+turnkey method to start and get the benefits of both.

With the STR we likely won’t break even with rental income from the house alone in first year or two but for us the emotional benefit made up the difference.

I'd also suggest researching small commercial multifamily properties, 5 - 30 units, and learning the benefits of that asset class.

The benefits can be incredible and the opportunity to work in a niche that is a win-win for both investors/sponsors and renters alike is even more rewarding.

But whether it is cash pay outs or free rent, it is not an investment and treating it as such will not benefit you.

I guess I was thinking the cash flow, appreciation, pay down on the loan and tax benefits would be my “pay”.