Upon further inspection, I quickly recognized that the times they were allocating for various tasks were grossly overexaggerated.

We experienced what looked to be an all time high in terms of sales in the real estate industry in 2016.

Even though HELOC are higher than cash out refinances, but it gives investors the flexibility to draw their funds and not having to pay the full balances within x years, depending on the loan program and draw periods.

I have a hard time qualifying due to lack of 'earned' income anyway. 

Let's break down the pros and cons of each approach:Forming an LLC in the State Where the Property is Located:Pros:Compliance with Local Laws: Establishing an LLC in the state where the property is situated ensures compliance with local regulations and laws specific to that jurisdiction.Legal Clarity: It provides clear legal jurisdiction and may simplify any legal proceedings related to the property in that state.Perception: Operating with a local LLC may give tenants and local authorities confidence in your commitment to the community.Cons:Additional Costs: Setting up and maintaining an LLC in another state means incurring additional registration fees, taxes, and possibly hiring local legal counsel.Administrative Burden: Managing multiple LLCs across different states adds complexity to your administrative workload, including extra paperwork and compliance requirements.Tax Implications: You may face tax obligations in both the state where the property is located and your home state, potentially leading to double taxation or complexities in tax filings.Managing Through Home State LLC:Pros:Simplified Management: Handling all properties under a single LLC streamlines administrative tasks, reducing paperwork and simplifying tax filings.Cost Savings: Avoiding the need to establish multiple LLCs in different states saves on registration fees, legal expenses, and ongoing maintenance costs.Consistency: Uniformity in management practices and legal structures may contribute to efficiency and ease of operation across your real estate portfolio.Cons:Legal Exposure: Operating out-of-state properties under a home state LLC may expose your personal assets to the laws and liabilities of the other state, potentially diminishing the liability protection the LLC offers.Compliance Challenges: You'll need to ensure your home state LLC meets the legal requirements for conducting business in other states, which could involve additional filings and fees.Perception and Credibility: Some tenants or local stakeholders may prefer dealing with a landlord who has a local presence, which could impact your reputation or relationships in the community.Ultimately, the decision depends on your specific circumstances, risk tolerance, and long-term goals.

It seems like this would be the perfect fit and you wouldn't have to spend time maintain a website.

just make sure to list it multiple times that it is a room for rent, some people are very bad at reading lol.

At the same time, it is ok to enjoy the fruits of your labor and relax too!

Since I'm planning to do this from out of state, I'm uncertain if this is a wise decision, especially since it's my first time venturing into real estate.

Probably worth mentioning, TurboTax can facility real-time assisting from tax professionals if needed, obviously this will be at extra cost.Hope this helps!