I have been attracted to this area of MI since I started exploring real estate and it seemed to provide an opportunity for us to get in the game with out of state rentals without spending a ton of coin.

.* and then of course all the software that is geared at more specialized real estate professionals, most of which I won't be looking at here. 

The funds that provide best returns typically have lower overhead costs.

Selling @ $500kLender providing $490kCan the remaining $10k be carried by seller?

@Melanie Hernandez two questions to ask are: can you effectively and profitably run a STR business giving your guests a wonderful experience and can you provide value to and mitigate risk for your property owner?

Remember that living in a growing city and providing affordable housing will attract potential renters.

Lead Generation & Marketing: Do sponsors provide qualified leads or expect you to generate your own? 

If possible, I may have the service provider sign-it as a "just in case".By the way, it was my CPA that provided both ideas to me :)

Get a warranty or special warranty deed.A quit claim deed doe not convey any guarantee as to the title being clear or marketable.

The initial investment is providing a loan, there is no tax write off.Similiarly, there is no income recorded when you receive the loan proceeds back.The only time there may be a potential write-off of the original loan amount is if the borrower is not able to pay it back.