its not legal as most do it in all 50 states just not enforced or prosecuted.. you can close on the home then advertise it for sure.. cant advertise homes you don't own and the equitable interest theory does not stand when you sole business purpose is to emulate real estate broker activities..  

@Gary Schiefelbein It depends on how passive or active you want to be.

There is an active neighborhood group.

It is a very active job that takes a decent amount of work and time.What areas are you able to afford (for flipping you really should be working in or around the city you live in to start out)?

It's not super active, but the more people who use it the better it will be.

Are you wanting to create active work?

I should probably have at least 1 more full time employee (receptionist/bookkeeper) but my management software makes it extremely efficient when it comes to daily activities.

Really looking forward to everyone's advice and excited to get into this form of investing.

If you've got a luxury STR (say, ski-in ski-out cabin in Vail or beachfront villa in Barbados) I think you have the most to worry about - it's expensive to travel there (usually by plane), expensive activities (like skiing), just all-around expensive.  

I personally feel comfortable to those who are active at BiggerPockets.