All you need is a regular bank account from any bank or credit union, unless your state has some unique requirement I'm not aware of. https://www.nolo.com/legal-enc...You would do well to purchase "Every Landlord's Legal Guide" by NOLO.

The big thing to be aware of now is that replacement cost is going up.

I asked two friends who own STR properties there, but they are not aware of this. 

Also be aware that charging tenants for laundry and billing them for the water it consumes may not be legal in some places.

If you plan on adding a window or door to your basement unit, be aware that this would add additional costs.

Items needed to be addresses would be: majority owners, decision makers, percentage of return for family members that want to throw in a little cash on the deal and get a small return, buy out options and other items that I am not aware of that could cause potential issues between family members if something like this is not drawn up in the beginning.

Just be aware that the meeting information shown on the meetup page is from when we were meeting in person.

Is there anything else I should be aware of as I will be managing the property myself, all feedback is welcomed.

I have always been going about it the same way for a while and curious if anyone has tested different approaches and noticed better conversion rates from one approach to another.To be more specific on a cold call for example:Option 1: you immediately bring up that you have noticed the property is in a foreclosure status at the start of the call and/or make it known you are aware of their situationOption 2: you start off as a buyer looking to buy homes in their area/making cash offers and let them uncover their own pain points through purposeful questions to lead them to uncovering their motivation/situation.I have always done option 2 and it works well but I sometimes wonder if I could have a better conversion rate with a different approach.

Both are aware of the other however Im just not sure when the decision should be made.