The houses are fairly nice, and they all come with barns, mare motels, arenas, pens, chutes for the cattle, and sometimes the stock as well.They tend to rent for 2 -6 weeks at a time and rodeo folks use the facilities to practice up for the Pro Circuit.So I'd ask you first: 1) What type of horse activity is popular in your area?

@Travis HolmbergMy advice would be to give this strategy a shot in Phoenix would be to do it on a property you already own where it's practically guaranteed you're going to make money (already high cashflow, etc.).

What are some things or practices that I should have in order to be that 5-star contractor?

The disadvantage is that nonresident state filings are a PITA and result in higher CPA fees.Some states require nonresident withholding on state tax on a gain which in theory might satisfy all the tax (perhaps even overpay a bit).The technically correct answer is that you might still be required to file, but the practical answer is that it might not be worth the administrative costs.Ultimately the decision probably comes down to a cost benefit analysis to see if the filing burden and cost justifies the reduction in tax you might owe.

These issues and situation seem like a perfect scenario for an experienced property manager to come in and share best practices, and help you develop a plan to maximize the profitability of these units.

Having many years of experience and deep knowledge in property management and general contracting/home renovation work helped impossible situations, by turning them into feasible and practicable circumstances by either making appraisal repairs or an in depth financial reevaluation to pass the FHA appraisal and to ultimately find the desired value of the home. 

Somebody wasn’t practicing due diligence !

If yes, then you simply record whatever you collected as income, and you can ignore the note for all practical purposes.

Written by attorney investors, it's full of practical advice pertaining to management of investment property, has sample forms that can be edited, and - most importantly - they tell you what your primary state laws are and where you can read them.

Step two is probably get a better place for band practice.