All Forum Posts by: Berry Starnes

 Exactly what I would have said. Use the cleaner as your 'manager' but for tax purposes you are the property manager. But, it would be a no go for me due to the limited days and access to the lake.

 what apps do you use for this to scan the receipts?

Question: If you were to purchase a STR to close in November and the seller negotiated that the buyer must honor existing rentals with the current rental company/property management until January of 2025….

1- does this negate the short-term rental loophole for the 2024 if you aren’t managing it yourself for these months in 2024? I believe you just need to have it rented for 1 week in the year to use the bonus depreciation after the cost seg, correct? Does it matter that a property management company is doing this for the first few months? 

2-if you started to self-manage in January 2025 and managed for the remainder of the year would you not satisfy the 100 hr rule and participate more than any others? The bonus depreciation goes down to 40% next year, so I want to make sure I would still qualify for the 60% bonus depreciation by purchasing the property in 2024, renting it out, but then taking over the managing of it for the remainder of the life of it.  

Should I just negotiate to only honor the existing rentals until Mid December of 2024 and rent it out for the last few weeks myself?

Thanks!

try and get the WSJ or Barron's to do a story on how your hawaii mansion isn't getting enough bookings.  By default the wealthy will read this and want to go and support you. Someone needs to do a spread on your property.  Just a thought.

also, extend the timeframe you can book out.  This will need many months of planning by multiple families or groups.  only allowing 1 or 2 months ahead will not work.

you need to be charging a cleaning fee if the other rentals around you are. Unless you just aren't cleaning it. ;)   

What is the average spread (difference between what you are charging your guests and paying your cleaner) for your turns? $25?  $50?

Can we not create a poll in here to make this more anonymous? 

Agree. But it seems like most all is very similar with the 2/2 1500sqft. Looking for a ballpark estimate. I need something, anything to go by.