You have procedural momentum going, you're excited to close, and you instinctively take the bait. 

Owning/managing an STR is not as simple or straightforward as standard rentals and to successfully run them you need to have good systems and procedures in place to sustain them.   

It should detail the procedure for a member to leave.Also, if you want to cut all ties with the prior property you flip to avoid later possible lawsuit, it may be better to dissolve the company and open another one for the new deal.Or you can also, instead of selling the property, sell the LLC with the property inside.

And then after you pass you will find that everything you learned so far provides you will a good base and background but very little of the actual practice of real estate like MLS, Contracts, negotiations and procedures; you'll need a good broker/mentor for that.

Tell them you want to become a commercial agent, and ask what the procedure is with their office. 

I have my own application that applicants fill out so I have their important information in case of eviction, also I state my procedure, that I will check past rental history and income verification first, for free, and if they pass that, they must pay Smartmove or other screening service directly for credit, background, etc., on anyone over 18, even if a dependent like an elderly parent or college student living  at  home. 

Well here are few that I can think of:- You are an Accountant - who views the reports once a year to do taxes (That is it)- You are a Bookkeeper - you want to do the data entry because it does not make you money- You are a DIY QuickBooks user - who will surf the internet and YouTube for answers and not have the full process, procedure, and solution- You are a CFO - review your financials every day or week, depending on your business goalsNow let's get into the nitty-gritty:- You as a business owner should look at your reports by each property and unit- You should compare your Profit and Loss by:----- Month----- Quarter----- Year----- Previous Year Comparison----- By % of your Income ----- and the list goes onNow about your Equity - view your Balance Sheet and see the difference from previous year how much money you paid and received by improvements and loan, the personal money you invested and more...If you are looking at keeping the books for tax purposes and IRS, as well as use paper and pencil.

Two significant revenue procedures created a structure that allowed groups of investors to go into a property specifically structured by a sponsor as totally passive tenants in common ownership. 

Once you figure out the proper procedure for eviction of an activd duty military member in your state adjust your procedures for future active duty member tenants.

My plan was to look at surrounding areas to find potential deals but what is the procedure when it comes to working with the title companies and closing on these deals?