And you have good advise to the neighbor when you told them to call the police regarding potential illegal activity.  

Please advise

@Russell Brazil agent, investor and now part-time tax adviser?  

@Jim Carson, I'm in the process of rearranging my corporate structure as well.My local Indy corporate attorney advised against using the series LLC option since it's brand new to our State and there is no precedent yet with them to see if they stand up in court as expected.For me, this is the way I'm leaning:Convert my S Corp to a C Corp as the holding or management company, then use LLC or Land Trust for each property or set of properties that is then all held by my Living Trust.As far as the comment above about having your CPA setup your LLC structure - I've always been a firm believer of paying the right professional for the job...I'll gladly pay more now to the attorney to setup my LLC vs. saving a few bucks to have my CPA [bean counter] do it [unless the CPA is also a real estate attorney] - just my two cents...

You might need to hire an Attorny, a CPA, or a tax consultant to advise you on which way to go.  

PLUS if you manage to live in the house for 2 of the last 5 years there is no capitol gain.Many people advise (and correctly so) not to invest soley for appreciation. 

Is the type of market that you would advise a newbie to get started in?

Anyone had advise on how to do some historic rental rate and occupancy analysis for AirBNB or VRBO. 

Can BP give me advise on what a good property manager does?

That might need an attorney, a CPA, or a Tax Consultant to advise you on the best way to go.