Most of these agents own deals themselves and can share a ton of insights. 

Even if you get a full time property manager they will not be able to deal with a roof repair situation or any storm damage without your direct involvement.

I got one deal early on. 

I would try to connect with some STR companies and maybe STR specific realtors in your area, to see what they have to say about the market.A little inside tip...the house design you're going for is a hot hot trend that STR guests are looking for!

Let's break down the pros and cons of each approach:Forming an LLC in the State Where the Property is Located:Pros:Compliance with Local Laws: Establishing an LLC in the state where the property is situated ensures compliance with local regulations and laws specific to that jurisdiction.Legal Clarity: It provides clear legal jurisdiction and may simplify any legal proceedings related to the property in that state.Perception: Operating with a local LLC may give tenants and local authorities confidence in your commitment to the community.Cons:Additional Costs: Setting up and maintaining an LLC in another state means incurring additional registration fees, taxes, and possibly hiring local legal counsel.Administrative Burden: Managing multiple LLCs across different states adds complexity to your administrative workload, including extra paperwork and compliance requirements.Tax Implications: You may face tax obligations in both the state where the property is located and your home state, potentially leading to double taxation or complexities in tax filings.Managing Through Home State LLC:Pros:Simplified Management: Handling all properties under a single LLC streamlines administrative tasks, reducing paperwork and simplifying tax filings.Cost Savings: Avoiding the need to establish multiple LLCs in different states saves on registration fees, legal expenses, and ongoing maintenance costs.Consistency: Uniformity in management practices and legal structures may contribute to efficiency and ease of operation across your real estate portfolio.Cons:Legal Exposure: Operating out-of-state properties under a home state LLC may expose your personal assets to the laws and liabilities of the other state, potentially diminishing the liability protection the LLC offers.Compliance Challenges: You'll need to ensure your home state LLC meets the legal requirements for conducting business in other states, which could involve additional filings and fees.Perception and Credibility: Some tenants or local stakeholders may prefer dealing with a landlord who has a local presence, which could impact your reputation or relationships in the community.Ultimately, the decision depends on your specific circumstances, risk tolerance, and long-term goals.

I'm assuming yes if you went with option 2, but option 1 is below market value because you are giving them a deal on the house. 

PM's manage tons of properties and know how to deal with applicants, if they were asking me a bunch of questions there may be something I don't really know whether I should answer or not or how to answer and if I'm the owner I can't really tell them I don't know.

The days of doing deals with 100% financing left about 15 -20 years ago.  

Given that, we would get an immediate boost in cash flow which will also be very predictable month to month and save myself a bunch of time managing my property managers and dealing with the ups an downs of active real estate.

I just moved here from the Boston area and it seems like the real estate taxes will make coming out of a deal with positive cash flow a very tricky endeavor.Jay