I completely agree with @Bart Hedgcock, my .02 from personal experience with Phil:  My wife and I took his weekend "vip" training last year, and it's a very well done introduction to several strategies and methods for creative REI.

Most tax folks with experience on this topic would likely be out of Louisiana or Florida. 

Any information or experiences are appreciated. 

I've had such bad experiences in the past with dogs in a different fully furnished short term rental where we originally allowed dogs-- swimming in a decorative pond and disconnecting the filter, killing the koi, chewing up a couch and other soft furnishings, scratching a newly installed hardwood door and ruining the finish, digging giant holes in the yard and landscaping.... thousands of dollars of damage, really, in a very short time, which is why I have a strict no pets policy, and am particularly nervous about dogs on the property.

Nothing beats boots on the ground and personal experience. 

She will get each beneficiary to sign off on allowing this to happen, lessening their inheritance cash-wise but keeping the family in a home.My idea is that the trustee daughter could purchase the home, but could do so instead through a sort of owner-financing where the Trust finances the asset to her directly rather than buying it in full at great cost and taking out a mortgage on an already paid for property:- Property is in Trust and is fully paid off,- Trust finances the property to Trustee for closer to market value, and payment can still be set at 1500- No/less down payment required- Any interest rate, maybe 0- Tenant family makes rent payment of 1500, which pays off the property and pays into Trust- Beneficiaries' % share accrues gradually as payments are made- Set future balloon payment if necessary (if Balance required at a certain time, for college, etc.)This would decrease the out-of-pocket cost for the Trustee purchaser, and increase the amount that each beneficiary will receive (eventually).I have no Trust experience, though, and I'm hoping to hear from the experts.

That was an awful experience. 

I would greatly appreciate hearing your experiences and any advice on whether this is a prudent step to take before diving into investments.

Reality is you can get more info from BP and more education for free or on youtubeIf you want to join a community, join a small one where there are people doing different deals and have experience.

I am currently looking for an internship to gain practical experience in managing STRs.