Thank you all for your support and advice during this process.

This is largely all profit since we're doing the build all-cash and no plans to refi.You may not have STR options in Berkeley but could you run it as a mi-term rental?

Hey FredWe market year round STR on all the platforms (15+ total) and then also on Zillow and Furnished Finder to try to fill the slower months MTR.

You really need to be sure you actually meet all of the participation requirements; the most likely scenario is that you really need to be using E for your properties.

It's all run under the table currently and haven't had any problems, but want to formalize this as a business to avoid any hardship down the road.I don't know how I should be protecting myself here.

I have a few rentals in Grand Forks and they are all financed through Gate City.

Thanks, and can't wait to meet you all!

I know sometimes they get characterized and grouped together, but this would be very different with the schedule C and active nature of what I'm planning to do.

I could do all cash with perhaps some help from family (less than $15k) or friends/partners (one has asked me to find something he could join in on with $20k, the other serious one has about $35k-$50k to invest with me). 

Take an inventory by age of all of your equipment.