Why did you decide to exit out of a laundromat after holding it for a short period of time and putting in all that time and effort?  

Real estate transactions, especially flips, come with specific tax implications such as the potential for dealer classification, short-term capital gains, and cost allocation for renovations, which can significantly impact your tax liability.

investors can figure on 10 to 12% return on PMLs   generally they are short term 6 months to 18 months.. in my 40 plus years at PML I find most investors started as landlords then tire of it and start to diversify.

If she wants paid for canceled appointments, then I would suggest you look for a new cleaner.My policy is to keep all funds if the guests cancels within two weeks of their stay, unless I'm able to rent to someone else for the same period/rate.

Aloha @Daniel Kam - most of Kakaako has a 180 day rental minimum, so if you haven't checked with your building association, I recommend you verify what the minimum rental period is for your building.If you are allowed to rent for less than 180 days, you will then need to apply for a GET license, and well as TAT/OTAT and pay the appropriate taxes on a regular basis.  

Short of that, it'll more than likely it'll be closer to 20%.

@Stephen FlemingFrom my experience working with over 400 investors, your strategy of leveraging a low mortgage rate, tapping into home equity, and diversifying with a short-term rental (STR) in Northern Michigan is well thought out.

For 2023, since your property was rented out with an average stay of under 7 days, it should be classified as a Short-Term Rental (STR).

With the fires, labor and materials are going to be in short supply.

I think I'm in a pretty unique situation and am trying to figure out the right hoops to jump through to move forward.Long story short, I'm trying to tap into the equity of the rental property passed down from my grandparents that is held in an S-corp which is co-owned by myself, my siblings, our cousins, and an idiot uncle.