Most states require a registration if you own property with intent to rent it out.  

I don't see us ever going Mad Max with small sparse isolated groups of people huddled together in tents, and tumble weed blowing across the empty parking lots of large unoccupied apartment complexes. 

If you want to spell out the broad outlines, just write up a short memo/letter of intent that describes the kind of loan terms you'd be agreeing to, and use that to translate into the actual lending paperwork.

I do want to add a piece that often gets overlooked or intentionally ignored on the forums here: while we are all here to make money, vacation rental investment is about selling a experience rather than just accommodations.

Hello,Does anyone have experience with purchasing small multi-family properties that are professionally managed with the intention of self managing?

Heres a backdrop on my situation.1) I bought my first house in 2014 not knowing what my intention was other then that was the smart thing to do (haha).

I Saw the opportunity, went to see it in person, made a 10% lower offer with a letter to the owner about myself and my intentions with the property.

After driving down to look at a few of his other previous properties, we talked through the terms of my loans, and the intent to use the money at foreclosure actions at the courthouse steps.

That would allow you to prioritize the TO DO list (base in what you feel is need vs. want, as well as what you can afford) as well as communicate your intent to offer a well-maintained property.

Agree, the house is located in a good area (Rose City Neighborhood) between downtown and the airport.The house is a remodeled house 3 bed/2bath with a detached ADU, The one thing that worries me is the fact that at some point appreciation will slow down compared to other markets with faster appreciation that can use that money to for a long hold.So far the intention is to invest in distressed SFR to rehab and rent out, however, I like the idea of new construction and that option will require more capital.