Ensure you perform thorough due diligence, understand the auction process, and have financing ready if needed.

I personally don't like STR's because they are more of a business than an investment(in my opinion).You didn't mention the amount of hours that you and your spouse work but I would have to assume it be between 1900 to 2200 hours assuming you work 48 weeks and between 40 to 50 hours a week.If you buy a STR and self-manage it, you are added 200-300 hours per year in additional work making your life more stressful and less time to do things that you enjoy.Best of luck. 

I to,d him if he thought selling Cutco knives was challenging, imagine trying to sell a person on investing $50k or more with a sponsor that has yet to perform in this RE market (regardless if the value add is smart and likely to do well).  

That sounds like a well-considered plan, and visiting in person is a great first step.

If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing.

@Jerrell Sweeting   I know in NJ this was the difference between eviction(tenant) and ejection (just a " guest, no money agreement) of a person.   

Then you use those on your personal taxes.

@Adam Eckhoff I personally prefer real estate over stocks because it gives a quicker return on cash in your pocket (unless you are a skilled day trader/options trader).

I personally, don't think real estate is the smartest place to invest for MOST people right now, at least financially.  

The seller can remove their ID, banking info, and anything else personal and you can login and add all your information in addition to changing the email.