If you're fully managing a property that you don't own, then most states require you to have a broker's license to do that and you can get in trouble if you don't have the right license and insurance (plus expose yourself to a lot of legal liability if anything goes wrong with the property and there is a lawsuit).

@Jessica Long I have helped many clients buy homes with a 2nd kitchen/in-law suite in the basement in that zip and others all around Maryland.

Lawsuits (yes, plural).

Things like:- pets- smoking- income- estimated credit range- # of occupants- lawsuit/felony- guarantor income (if any)Hope this helps :)

Owners of strs in other areas are in lawsuit with the city. 

The DBA doesn't prevent a lawsuit from involving the LLC that is doing business in a different name. 

It is not just being a foreign owner it is also how you participated in the action that brought about the lawsuit. 

This means that you will probably need to pay registration and filing fees in at least 2 states if you don’t buy CA property as a CA resident.Any lawsuits should be limited to the assets of the LLC and not your personal assets (assuming you run the LLC appropriately and the corporate veil is not pierced, some debate as to SMLLC).

At least in urban core areas being a slumlord can be a lot more costly when you factor in city fines, vacancy (by far the biggest cost and risk considering that is when property get stripped), eviction times, possible lawsuits, etc.

New Braunfels is definitely the most appealing but very much a stringent market for STR, although i did hear that there is a lawsuit in the 5th circuit pending a decision that may change the STR market in a major way.