Though, this process will be the same for the other state (if you created a CA LLC you may need to register it as a foreign LLC in the state in which you are doing business/holding property).

However, we will likely need a property manager to assist with some facets of running this rental (since we would not live locally) and would primarily market it through platforms such as Airbnb and VRBO to start, (eventually setting up a direct booking process).Here's our question for those who have experience in STR's or who might be involved in a similar scenario: How challenging is it to meet the material participation hours needed to achieve active status?

We have created work instructions for every step of the process so we can maintain consistency in how we evaluate properties, communicate with tenants, market our properties, handle rent increases, manage property turnover, etc..... 

I have a list of about 20 properties from him, I just don't know how to start to the assessing process.  

Evaluate the situation to see if you could have done anything differently to mitigate the loss and implement changes to your processes, but know that this happens and hoepfully just not too close together. 

It’s an interesting approach, but ensuring a strong screening process and a legally solid agreement is key.

Plus, I’ve put together a comprehensive guide to walk you through the process step by step.What’s your biggest challenge as a new host?

I imagine the whole process is simpler but can anyone tell me how different it is when you don't borrow the rehab costs?

Investing is different from speculating, in that it’s data driven and therefor predictable and you have factors that play in that covers your downside and strengthen your chance of upside. 

The seller will end up with $35,000 less because the agent did not understand the market or the process of selling.