I strongly suggest to have a Balance Sheet you can keep track of and then also check with your CPA, this way you always have a snapshot of what your company looks at any given time.

b) That all my records are available online, and emailed to me monthly.c) Frequent inspections.d) A preformatted Schedule-E helper report which gives me everything that my CPA needs to file my taxes. 

Always check with your CPA. 

You have no rights to the property until the tax deed is filed at the Charleston County Register of Deeds (ROD) conveying the property to you as the new owner.Once again in this post - go work with a good attorney in your state that is familiar with these rules, along with your CPA (local or not) to walk through the analysis as it applies to your particular jurisdictions. 

@Christopher JordanI'm not a CPA, but I believe you would need to self-manage in order to qualify for the "STR loophole."

I would seek CPA advise on this if you want to make sure you are not taxed on the sale excess (boot).Good Investing...

I tell my clients to bring it up to the seller, suggest that the seller contacts their own CPA for advice, and then slightly adjust the sales price to compensate the seller for the extra tax.

Its before you put the property into service..Sorry, I don't have a cpa in your area. 

@Michael Baum I double checked with a CPA that specializes in working with STR investors and he said there was no distance/mileage requirement from your primary.

@Dylan S. seek advise of a CPA, but form an LLC and get a S-corp designation.