Always consult with qualified professionals familiar with your specific situation before making any decisions.

You need consultative services, meaning don't choose an agent that can't discuss deeper real estate investing topics nor should you choose a lender that just lazily hands you a term sheet, you want to work with service providers that can share helpful resources, soundboard how to dial in your buy box and where to start, how you can find more deals, etc.

@Frank BorzenI work as a consultant for many municipalities.

If you are ready to turn the units and "get to gettin" on the rehab side then I'd consult a local attorney but general giving a formal final notice to stop smoking in unit and that any damages or costs associated with remedying the unit are going to be billed to them. 

The best way I've seen is to write up a management agreement structured as more of a "consulting" from the manager to qualify.Why This Matters in the STR GameHere’s how this plays into your STR strategy:You buy a house (say a 4-5 bedroom chalet near a lake, ski resort, beach etc.).

I would also appreciate and benefit from tax consulting along with general tax planning.

I also did a couple of consulting calls with Jack as well to make sure I was giving myself the best chance at making a go of it.  

Only by being local (or by consulting closely with someone who is intimately familiar with a place on a house by house level) can you learn which exact locations are most likely to be good to invest in and which are not.

There are legal ways to keep the equity low, which reduces your chance of getting sued, but you have to consult with a savvy asset protection attorney. 

However, let’s go with my premise that when you first purchase it will be significant cash negative when including all expenses/revenue impacts (piti, cap ex/maintenance, PM (always include pm in underwriting even if self managing because your time has value and circumstances change), vacancy, bookkeeping, portion of asset protection (umbrella, LLC, etc, and miscellaneous (this includes things like unexpected utilities for example from a slab leak, not fair to charge the tenant (I recently had a $2k unexpected water fee for a water leak), legal fees for various consultations, eviction fee, or the recently mandated stair and balcony inspections, etc.