I believe the biggest disadvantages are purchasing at close to market rate and not being able to force appreciation. 

My biggest issue with it is the lack of required documentation.

Either way, my biggest advice is to no lose your mind overthinking it.

Since I'm not really well connected in the HR department for the oil and gas folks around here I figured that would be my biggest obstacle.

The biggest cash flow killers are HOA and Property Managers so watch out for those. 

@Chirag Gulati the biggest single drag I had was having things not aligned to the strategy.

Hi Cody,At first, when I got your message I thought I have a lot to offer with my 30 years in outside sales and numerous top revenue generated President Club awards.

If you can only get ~ $2200/mo revenue, how will it cashflow?

One of the biggest unaccounted expenses can be your personal time.

If you want to self-educate, there are an insurmountable number of posts you can find by searching BP, either with the magnifying glass above or through google.You don't need lease agreements between you, the LLC, and the bank.Just keep track of airbnb revenues, rental days, and all expenses.