Hi Chris,I have not been active with Bigger Pockets for some time. 

Quote from @Joseph Alfie: Hi i am actively looking to buy apartment buildings in these areas.

The other applicant had a bankruptcy in 2021 and has active trade lines (I can’t see the detail on when these went into collections). 

She is also very active on BP.  

If you have active participation in the rentals and your income is below $150,000, you might be able to deduct some rental losses which could help you with your other income such as capital gains.

My goal is to build relationships with active investors in the area and learn more about analyzing deals and identifying solid opportunities.

However, if actively working in the business, the IRS requires taking a reasonable salary (W-2) before taking distributions.Since this is your first project, it’s a good time to discuss with your CPA whether an S-corp is the best structure for future flips, or if a different entity type (like an LLC taxed as an S-corp) might be more beneficial.This post does not create a CPA-Client relationship.

As a co-host for short term rentals, you may not need a license as long as you're not crossing over into activities that could be considered brokerage activities like handling any contracts, collecting rents, doing any accounting, approving tenants, etc.

Outside of work, I enjoy spending time with my family, staying active, supporting my children's sports activities and volunteer as an assistant hockey coach.Look forward to meeting you!

Are there any challenges I might face, especially if my long-term tenants aren’t comfortable with the short-term rental activity in the same building?