In this case, the loss limitation is $25k per year AND your $25k loss threshold for the year begins to phase out at $100k in income and are completely phase out at $150k.If you have real estate professional status and are materially participating in long-term rental then the $25k loss threshold is removed (there is still a business loss limitation that you need to be aware that f but it is much higher then $25k) Would recommend finding CPA that understands real estate and REPS.

And or I would be talking to a good RE lawyer to understand what liability you might have if you recommend this or don't disclose all the bad things that can happen and your client ends up in a mess. 

@Karen Kushner, I recommend getting a spreadsheet or tool or even a bigger pockets subscription to use their calculators for this sort of analysis.

From most OOS investors I am speaking to this is where most of the attention is, so be prepared for competition - seems that this forum was revived from the dead but to answer the original question with a few practices you can manage the air-bnb yourself to get higher occupancy, I would recommend educating yourself on tricks for the platform those will make the biggest difference - definitely helps having someone take care of your air-bnb account and for completely hands off investing do that but just previewing/welcoming who comes in can be done remotely in a professional manner I have seen it done in multiple states. 

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I would recommend starting with a local / smaller lender as they can give you more attention vs a rocket mortgage. 3.

Does anyone have recommendations of a good lender in the area?

Asking here will only get people to recommend their areas for the most part, but you should do this to determine the best area to invest out-of-state1. make a list of every place you and your wife have ever lived2. make a second list of where you closest friends and family (the ones you like) live3. use those lists to ask questions and review good investment market listsWhen you see something from 3 that is on 1 or 2, that is a good place to start if it fits your budget.

Shop around is what my recommendation would be

I would appreciate recommendations.