Distant STR ownership

[Brandon Benth]

Hello, total newbie here so please forgive me if I have some dumb questions.
My wife and I are finally ready to Jo into investing. We are debating whether to get into long-term multifamily rentals in the future, and doing short-term/vacation rentals to start. So I thought I'd ask some questions on the STR forum, since that seems the most foreign to me at this point

We live in a small town in ND, so naturally there's not much demand for STR. Our family goes to the Deadwood area in SD fairly often, and were thinking of buying there, but still live in ND.

We are wondering if anyone would be willing to share some advice? What would be some good questions for when we talk to a tax agent? Are there stipulations for things like income tax when out-of-state renting?
We'd like to use BRRRR, but are thinking of going the conventional loan route with around 20% down because we wouldn't have the capital to do full cash offers and would need financing. Would anyone have a decent strategy that they've used other than BRRRR for something like this?

[Brooklyn McCarty]

I’d start by reading Avery Carl’s Short Term Rental, Long Term Wealth! Super helpful when we started.