Spending $1,000 to start the process can be worthwhile if you’re clear on the steps needed to reach that point.As for renovations, the approach really depends on your goals and the scale of the work.

Spend the first few deals just listening and asking questions.

But to me that would be a spending problem, not an income problem. 

You can spend as little as $100 to form an LLC, or you could use an attorney and spend $1,000 or more.

A landlord friendly state won't save you from a bad deal.Not trying to be discouraging, just realistic. 

It's only dead if you are spending too much on your purchase.  

The truth is, a good host will spend time managing each rental.

I know it is expected that you will need to spend some money after someone moves out but I just didn't expect I was going to need to spend appx. $10k to get it rental-ready. 

However, I’ve witnessed cases where the investor went “all in”, spending and losing many millions.  

They simply did not desire to spend more time than it was worth to recover the money from Airbnb.