Looking for other ideas, and structures that would help achieve a successful partnership.Thanks Doug

I would just say that recently in my experience diversifying out from STR into motels/boutique hospitality has been high risk and set some people off path - it can be a very lucrative and good move - however, if you are having a lot of Success with traditional STR - it seems like a lot of people are looking back and saying they wished they stuck with that and expanded with what was already working!

In state you could live in the property which would be easier to get a loan and most likely better terms, keyword "most likely."

Hi Rene, the programs that I often utilize for clients are capping cash-out refinances at 75% LTV and rate/term refinances at 80% LTV.

This approach can keep your personal and business assets separate.Review of VA Loan Terms: Before making any decisions, review the terms of your VA loan.

Options may include traditional mortgages, private lenders, partnerships, or even self-directed IRAs.Calculate all potential costs including property acquisition, renovations, property management fees, taxes, and maintenance.Property Selection and Due Diligence:Use your local team to scout properties that match your investment criteria.Conduct thorough due diligence including property inspections, financial analysis, and reviewing rent comparables (rental rates in the area).Make Offers and Negotiate:Submit offers based on your research and due diligence.Negotiate terms that are favorable to your investment goals, taking into account potential repairs or improvements needed.Close the Deal:Once your offer is accepted, work with your local team to complete all necessary paperwork and close the transaction.Ensure all legal aspects are handled properly, including title searches and property inspections.Manage Property Remotely:Hire a reputable property management company to handle day-to-day operations such as tenant screenings, rent collection, maintenance, and emergency repairs.Establish clear communication channels and expectations with your property manager.Monitor and Adjust:Regularly review your investment performance and financial metrics (cash flow, occupancy rates, expenses).Stay informed about market trends and adjust your strategy as needed to optimize returns or mitigate risks.Long-Term Strategy and Growth:Evaluate opportunities for portfolio expansion or diversification in the same or different markets.Continuously educate yourself on real estate investing best practices and market dynamics to make informed decisions.By following these steps diligently and leveraging local expertise, you can effectively navigate the complexities of out-of-state real estate investing and build a successful portfolio over time. 

Are they abiding by the lease terms, maintaining the rental, paying rent on time, etc?

Cleveland is a great place to start, so I hope you find success there! 

The population could decline and we still would not have enough housing but with a steady population we are significantly short housing.  

Even though it did not go as planned and we turned out to not be profitable, I think it's just as important to talk about our failures as much as our successes.