Make sure to have a separate bank account for business transactions. 

Sorry, but these are the costs of doing business.

The previous landlord had one for the property, obviously for his own business.  

They can be very busy these days...)

Material participation might involve managing properties, handling leases, or overseeing maintenance—activities that are more hands-on than those of a typical passive investor.I recommend doing some tax planning and see what options you have .

If there is no complete disclosure to the seller of the risks involved, a disaster is just waiting to happen. 

Spend your time trying to grow your business.

1st you need your Seattle business license, then you need to get your RRIO, (the inspections are random and you'll be notified when youre required to do an inspection), after you get your Rental Registration application done, then you can apply for your STR license.

I don't have a current business relationship with the company.. 

Seems like this would make a great business plan if it was even possible