If your friends have a rental they should hire a tax professional. 

Consult a tax professional to optimize deductions and explore strategies like Real Estate Professional Status or short-term rental loopholes to apply depreciation to non-passive income.This post does not create a CPA-Client relationship.

The easiest solution to combine your two Stessa accounts would be for you to add the email address you have associated with BiggerPockets as a collaborator to your already active Stessa account.Then log in with your BiggerPockets credentials (as that collaborator) and it should upgrade your Stessa account.Here are some easy steps to follow: https://support.stessa.com/en/articles/2105533-the-power-of-portfolio-collaboratorsIf this does not work, please message [email protected] and we can work with Stessa directly to get you set up.

Would having professional photos and virtual walkthroughs help attract buyers/tenants faster?

Hi Mia, Great suggestions for questions to ask a potential tax professional!

@Eli JermanYes, you should hire a tax professional.

Many of the local agencies collaborate with each other to help each other’s buyer clients find furnished MTRs and this is how I’ve been finding tenants for my MTR’s this year.

Hi Brenden,I’ve been following the conversation on cold calling VAs and wanted to share some insights from my experience working with professional teams focused on acquisitions and follow-ups.

Imagine making millions of dollars over the course of your career and then having to pay 30-50% every year to uncle sam instead of compounding that cash over time.This is exactly what real estate professionals have learned to mitigate.To reduce their taxable income, they just buy a building every year, do a cost seg, and use depreciation to reduce their tax liability dramatically.Their personal wealth snowball grows much larger and much faster than their W2 counterparts who give most of their money back to the government each year.Following this strategy as a real estate professional is one of best ways to end up with a much larger net worth at the end of your career.

I think tax benefits should be secondary to buying something that would work well as a STR.I would recommend you consult a tax professional to see what possible tax benefits you could receive from buying this STR.