I too, got caught up with the shiny object syndrome.

The relative attractiveness of a Short-Term Rental (STR) for the "Loophole Strategy" hinges on meeting two core IRS requirements: the property must be classified as a non-passive business and the owner must materially participate. 

If an amazing opportunity came up, I would jump in with both feet.You must chase 2 objectives.  

Alignment up front is cheaper than mediation later.Operationally, aim for fewer decision-makers when you can, set reporting expectations for the property manager, and give yourselves the contractual ability to replace the manager based on objective performance.

Property Condition & Amenities: it’s important to, “Maintain to the Neighborhood.”Key metrics for each Property Class:Class A Properties:Tenant Pool: Majority of FICO scores 680+, no convictions/evictions in last 7 years.Tenant Default: 0-5% probability of eviction or early lease termination.Section 8: Class A rents are too high and won’t be approved.Vacancies: 5-10%, depending on market conditions.Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Class B Properties:Tenant Pool: Majority of FICO scores 620-680, some blemishes, no convictions/evictions in last 5 years.Tenant Default: 5-10% probability of eviction or early lease termination.Vacancies: 10-15%, depending on market conditions.Cashflow vs Appreciation: Typically, 1-3 years for positive cashflow, balanced amounts of relative rent & value appreciation.Section 8: Class B rents are usually too high for the Section 8 program.Class C Properties:Tenant Pool: Majority of FICO scores 560-620, many blemishes, but should have no convictions/evictions in last 3 years.

There are self-proclaimed buyer agents but many of them will have as main objective to sell you something.The way I go about it is I look for properties myself and contact the seller agent when interested.

Standard homeowner's insurance typically covers personal property, liability, and the structure of your home, but it may not fully cover incidents related to tenants.

Quote from @Jerry Shank: Relatively new to real estate investing.

The IRS looks closely at “related-party” transactions, so your parents should tread carefully to avoid disqualifying the exchange.

Property Condition & Amenities: it’s important to, “Maintain to the Neighborhood.”Key metrics for each Property Class:Class A Properties:Tenant Pool: Majority of FICO scores 680+, no convictions/evictions in last 7 years.Tenant Default: 0-5% probability of eviction or early lease termination.Section 8: Class A rents are too high and won’t be approved.Vacancies: 5-10%, depending on market conditions.Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Class B Properties:Tenant Pool: Majority of FICO scores 620-680, some blemishes, no convictions/evictions in last 5 years.Tenant Default: 5-10% probability of eviction or early lease termination.Vacancies: 10-15%, depending on market conditions.Cashflow vs Appreciation: Typically, 1-3 years for positive cashflow, balanced amounts of relative rent & value appreciation.Section 8: Class B rents are usually too high for the Section 8 program.Class C Properties:Tenant Pool: Majority of FICO scores 560-620, many blemishes, but should have no convictions/evictions in last 3 years.