If you have proper systems and practices in place and do a reasonable job at tenant screening, the risks can easily be mitigated and there are actually several benefits.

What I have found is the national guys often don't have a good grip on local practices. 

Also, repurposing the improvements for another use may be difficult depending on the construction.

I’m STILL waiting on the state so I can take my test but have already had tons on training and script practice at the office already.

As I have yet to start that research and plan on starting the investment in the next few months, what are some of you best practices for automation and systems for screening and payments of tenants as well as managing once rented.

Excise tax on this one sounds like the least of Jordan's worries here as you know, Jay.Just do a printable NWMLS Form 21 if there are improvements.

Hey fellow BP members,I have this question that have been nagging me.I understand that the best practice is register the entity in the State that you are buying the property in rather than go through some method advised online where you form the entity in popular States like Nevada, Wyoming or Delaware etc..

It’s B-class, was rehabbed long distance for 10% of purchased price, strict 0.5% rule regarding cash-flow (or 5% yearly, but the property taxes there are practically nonexistent), all the utilities on the tenant, super landlord friendly, great PM found through internet and absolutely hassle free.

Is this a regular practice.

I know this is probably dictated by many factors and local economics, I would just like to have an idea of what others may practice.