Just my personal opinion - get a mentor or a person who already has good experience running STR business, preferably in your area (but not 100% required). 

I have known and worked with Matt for years.I have attended his training and hired him as a consultant.He is hands down the best at what he does.I have personally raised over $50 million for my hard money lending company.I am grateful for a lot of people who helping me with this success and Matt is at or near the top of that list.

In addition, you want a separate bank account for the rental property to separate it from your personal accounts.

I personally would never invest somewhere that could outlaw rentals.

You'll want to put together a personal financial statement (basically lists of all your assets and liabilities) and have your tax returns ready.

You can find it through the MNREIA web site or email me if you have any troubles.Type @ and the first few letters of a person's name to link.

(Keep in mind there are Fannie Mae maximums on the number of personal loans you can have - which is 10 per person.

- Loss of historical data (for both IRS audits and for personal portfolio tracking.)You should be able to print the general ledger and Balance sheet / income statement for each period.

For my own personal goal reasons, I am going to still with searching for a lender who will be open to it.

I got a deal on labor as I know the contractor personally and helped out a bit with the project.