It is important that the designed purpose of the property is congruent with the rules and regulations established by the local authority in order to ensure its successful use as well as to avoid any possible inconvenience due to lack of compliance.

Second, in terms of asset protection, LLCs are not invincible, but I think what many don’t understand is that they are not designed to completely shield your assets from liabilities, on the contrary they are designed to contain and isolate liabilities.

It helps that STRs are more actively managed than LTRs to qualify for being designated a Real Estate Professional.They do this with their individual tax professionals.I have nothing to do with that or the cost segregation studies.

The other 75% of the skills required to be a good developer will have to be learned elsewhere (a good mentor is the best way).These include everything from Zoning/Subdivision/Land Issues to Environmental Issues to Permitting Nuances to Design Issues, plus all the differences in financial analysis.

For example, I have a potential client that has decent unit with a solid location but the decor/furnishings remind of a frat boy out of college meets IKEA/Amazon.A unit like this will suffer from poor design and the reviews will show as well which I do not want affecting my reputation or Super Host status.Do I just decline taking them on if they are not willing to work on it?

I have a good network of service providers for work, design, questions about permits in the local market, etc. if you want to connect.

Happy to connect, I'm with a design & architecture firm in Florida.

For me, this statement is key, "The owner designated you as agent for the purpose (among others) of finding a tenant.

For more info on the tax incentives, read about Act 20 and Act 22.Additionally, the IRS recently designated almost the entire territory of Puerto Rico as an Opportunity Zone. 

I own an interior design and full home renovation business.