If the answer is indeed - active and want to deal with tenants, that I'd advise to follow @Anthony Gayden advie and get into multi-family!

Terms of Consideration:In this mutual termination, both landlord and tenant agree to the disposition of deposits and financial responsibilities in the following manner: Landlord will return security deposit by June 6, 2018 less damages caused by tenants, missing items and outstanding utilities/water bills.We'll fill in the terms later but do you think this is good enough? 

However, if you're torn between 2 great options with one being familiar and one not, the familiar one breaks the tie IMO.If you're looking to use the property as a short-term rental, the following locations rank as the 5 best places to buy in 2018 (according to a recent report): Panama City Beach, FloridaChicago, IllinoisNapa, CaliforniaTulsa, OklahomaMemphis, TennesseeYou'll also want to consider any additional costs that may be required to effectively run the rental depending on the location and condition the property is in when it's purchased; including home upgrades, management fees, taxes, insurance, and utilities.Before you get in too deep, though, you'll want to check in on the local policies, rules, and regulations to ensure all of your bases are covered.

I live in MA, one partner is in Ma and the other is in FL.My partners have an S Corp. registered in Florida state and they would like it (that S corp) to be a member of the new entity.If this were for flips I would set up an S corp ,however, we will be following a buy and hold strategy.I was planning to set up a Massachusetts LLC or LLP.

So a phase out over three years is what I'm anticipating followed by a refinance. 

Hi Casey,  I'm new to the area, but I found the following link that should be helpful:https://www.portlandoregon.gov/bps/article/64444

I'll try to follow-up with you after I do some research on what that is and make a detailed plan.

So here is a bit more follow up.

Thanks for the follow-up @Vijaianand Thirunageswaram.

I will follow up with a realtor and go from there.