All Forum Posts by: Richie Frost

Hi, does anyone here have experience with partnerships on STRs? Especially where partners and/or properties are out of state.

My parents (in Utah) want to get some passive income and would like to partner with my wife and I (in Washington state) on an STR. We just bought our second cabin in Sevierville, TN and were thinking of using it for this partnership.

Our plan was to have my parents pay us back for the initial capital used and, in exchange, split the profits. I was thinking of making it like an RELP, where my wife and I act as the general partner and my parents act as the limited partner.

Would you recommend hiring an attorney for this? Did your LP need to be an accredited investor?

@Jonathan Pavkov yeah, mostly for liability purposes. 

Hi everyone! We just closed on a cabin in Sevierville, TN and need some help getting the business license and tax situation figured out. This is our first STR, and we live out of state in Seattle.

Since we went with a conventional second-home mortgage, we aren't allowed to put the property in an LLC. My wife and I are running the show - is it best to go with a partnership for the business license? Or sole proprietorship? Or best to talk to a lawyer about it?

Also, for the business address, I'm assuming we just put the address of the cabin itself, and not our Seattle address?

We're hoping to do a couple more of these, not necessarily in the Smokies though. 

Thanks in advance! This community is great!

I'm thinking about investing in some short-term rentals (Airbnb, VRBO, etc.) near national parks like Mount Rainier. On AirDNA it looks fairly promising, and it's super hard to find campsites and places to stay near national parks in Washington, so it could be a good opportunity to take advantage of some unmet demand.

Has anyone here had experience with short-term rentals near national parks like Mount Rainier out here? I also really like the Olympic Peninsula for similar reasons. Looking to find some boots on the ground, ideally, since I'm in Redmond.

Moses Pointe, yes. We're hoping to buy something that's a little higher end. 

We're open to ideas, but we've had our eyes on a property that's on a golf course west of the lake. This particular one isn't our build, just new construction we found on Zillow. We're also considering getting some land of our own and building on that, but this build should be done a lot sooner and would be a much simpler solution. 

Hi, my friend and I are considering buying some property in the Moses Lake, WA area for Airbnb rentals. We've seen some new builds that look promising and we're wondering if anyone here has gone that route? Currently living in Redmond, so it'd be mostly remote.