for example... where you have family and visit frequently, or where you like to vacation, or where you went to college. 

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I personally invest in short-term rentals in southwest Michigan because I live in the Midwest, it is an area that I frequently visit, we find our returns are strong, and they have approval for short-term rentals .

I also can provide context of what characteristics each area has.

When looking at an LLC, or any entity structuring, there are two angles to consider: tax benefits and asset protection.I frequently see asset protection lawyers recommend an LLC for each rental property owned for liability purposes.

The good thing about the MTR space is that this happens much less frequently than it would with an STR.

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The normal local who do whatever it takes to live here and most that I know do not move frequently once they lock down an affordable LTR with a good landlord (until they hopefully buy their own place) and third type are those who have recently relocated.

The funds may feel safe, but they are likely not as safe as doing your own work.My fictional, perfect fund would have characteristics like the following: - Double digit simple interest yield.- Uses no or very, very little fund leverage (LOC for less than 20% of fund equity)- Lends in one specific location/region that fund managers have deep operational experience in and which has speedy foreclosure laws. - Multiple unrelated fund mangers with deep experience (so one can't get hit by a bus)- Lends at conservative LTVs, stage-gates release of funds based on project milestones.- All loans are in first position, with senior rights.- Lends only to experienced borrowers- Has good liquidity - 1 year lockup or lessThe problem is that no fund meets all of these criteria.

We had previously lived in the town of Lafayette, which was 2 hours away from New Orleans but we frequently visited that city.