Being local, you'll be able to oversee your light rehabs and check on the property and tenants more easily than flying halfway across the country.

Of course, I'm not stating that one strategy is better than the other, but I do think there's value in exploring all your options, especially with 100% bonus depreciation being restated with the new tax bill passed earlier this year (unlocked with the STR Loophole).Regarding entity structure, you can easily go down an entity structure rabbit hole with different answers from many different sources.

I would start doing regular inspections every 3-6 months during which time you can also change the filter on the furnace and check batteries in smoke alarms. 

Laud and Naples, build a rotating bench of wholesalers by 1) posting your buy box and proof-of-close in local FB/Discord/Meetup groups, 2) calling title companies and investor-friendly agents to ask which wholesalers actually closed in the last 90 days, 3) filtering fast using a noise-to-numbers scan: require address, photos, real comps within tight distance, a written scope, and their ARV assumptions; if they can’t provide, pass.

I added an addendum with some specifics for the property (like tenant is responsible for changing filters) that are not always clear in the generic lease.  

But once the numbers clear a minimum threshold, operational friction becomes a real deciding factor.A few filters I use:Can this be systemized or delegated?

I decided to pay thinking the new HOA transition may take time and tenant water may shut off and i can easily reimburse from this long term tenant.

Hey Zach, we are finding cash-flowing rentals in the Midwest market pretty easily.

VAs filter noise, escalate only what matters, and protect your mental bandwidth.7.

Next we would look at the accrued interest and legal balance that we are "inheriting", and whether there is enough spread there to pay close to principal, and finally the foreclosure timelines of the state (which dictate how long it might take to get to resolution), as well as various factors that could influence the likelyhood of a BK and its outcome (for example does the property generate income that would allow the borrower to easily make lender protection payments).