Managing my parents Vacation home and tax questions

[Inga Draper]

My parents own a vacation home. They'd like me to run the whole Airbnb operation, I would take a 30% management fee (as they would like to pay me as I do have prior experience managing my own Airbnb.) I haven't listed the house yet but I guess I have several questions: Should I start a brand new Airbnb account for this house even though I am a highly rated host? My main concern is really the financial aspect. I plan on having a joint account with my parents for this rental just so all the finances are very transparent and it makes it easier to track spending/income. I don't want the total income to be under my name as I will only be getting 30% and using the rest of the money to pay the mortgage, bills etc. Should I be an LLC or apply for some sort of business id as an Airbnb manager or should the house become its own LLC? I'm not entirely sure how to go about running an Airbnb for someone else plus I want to make sure they are able to get any tax breaks and/or be able to write off things when tax season rolls around next year. Hopefully, this question made sense.