Of the three states presented, Georgia is great for property investors, Illinois is fantastic for redemption investors, and Florida is unique in its own ways as it is the most convoluted of them all.

Purchase Price: $280,000 w/ 25% downRemodeling: $15,000Mortgage note: $210,000 @ 5.25% (conventional) w/ a PITI of $1,500(Creative financing for down payment. took out a Home Equity Line of Credit, HELOC, on my first single family to use for the down payment w/ a repay of 1% of the balance owing.

We took out a private loan with a 2 year repayment plan.

I do understand that this isn't new or unique. 

NJ has some very specific Landlord-Tenant laws that are very unique compared to other states. 

I agree and think there is another missing aspect that hasn't been mentioned.To me this property takes away the unique feel of staying in an AirBnb or VRBO, and transforms it into a glorified hotel.

However, once you have your unique contribution, partnering with somebody can help spread out your risk and make the process more enjoyable (so they do things you don't like to do). 

Thanks for the replies @Derek Dombeck and Account Closed It seems every deal is unique. 

The reason this is a bit more complicated is that their operating agreement spells out some unique restrictions.

Well, we caught it early but with the baby it creates a very unique situation.