@Geo CruzBased off information given, if you pay anywhere close to market value there is zero percent chance that property will cashflow as a standard rental.

as i understand it, you use a standard purchase agreement.

It's a standard TX Association of Realtors residential lease. 

I do not know if that is standard around the country or is a state by state situation, but I just wanted to hear from you wonderful people about what you know about the subject of how taxes change when you own multiple properties (or if he didn't know what he was talking about). 

After purchasing a property it's my understanding standard homeowner insurance is not sufficient to cover a landlord in terms of liability. 

See if they can tell you what you have to do to get approved with their underwriting standards in 6 months so that you are ready.

If you plan on renting it out in a standard tenant lease format, then I'd probably recommend selling off the furniture first. 

What other obstacles are you facing ie. changes to platforms standard operating procedures, additional cleaning requirements etc.

Normal rentals pay little to no taxes whereas vacation rentals tend to be standard income, so you will be taxed more on your income.

(Insert standard California refrain: "It's too expensive here")I was planning to form an out of state LLC to avoid California's annual $800 LLC fee.However, California law requires that if an out-of-state LLC is managed from within California, it still has to pay the $800 annual fee!