I use this property and another one as my business line of credit. 

You might even want to setup a C-Corp (for tax and liability reasons as well) to manage the business with the guests and pay rent to your LLC. 

I normally advise that people start a business as a sole propeitor in their first year.If it is successful and something you want to continue, then have a conversation regarding entities.

You'll learn a lot here.I recommend focusing on 1 strategy/business model and going all in on that one until you've mastered it and it's stable.

As a landlord, you are representing yourself to the public as a business. 

I started two businesses to that end.

Once you begin doing business in KS, you will have a filing requirement in KS.I hope this helps.Mia

Shaun Shaun,I am a "specialist" and currently a business owner of a design and drafting company in CT. 

Not incredible, but fine.An out of state flip or flipping business, handled completely remotely? 

If you are considering buying using Subject To - Subto, it's important to know what your exit strategy is.Talk to a mortgage broker (not a bank) and ask if that is a property you will be able to get financing on in the event you have to refinance quickly, because the Due On Sale clause was called.AndTalk to a real estate agent about how much you would have to bring to closing in the event you had to sell quickly.