Also, co-living situations or top performing short-term rentals can produce a pretty high cash on cash return but again they are pretty active with a high turnover of tenants and guests unless you find someone else to manage them and then you are usually paying a good portion of the profits to the manager.But let's say that you have a job and are not interested in fixing and flipping or a high turnover type of investment and you would rather be a more passive investor.

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

The tax treatment in such cases may vary depending on specific circumstances.

Yep, we are in a similar situation.

I feel like I've dealt with every time crazy situation there is here in Chicago with squatters, evictions, drug dealers, etc., and I still love Cook County because I have a solid team and underwrite deals properly.I think @Paul De Luca nailed it on the head, though - it seems like you are quite risk-adverse, so maybe given your risk tolerance, it's not the best idea, but if it were me, I would not think twice about it, and find a rock start property manager who knows exactly how to vet tenants.

The committees have never said they'll require a specific form of evidence to show that you've rented the place for at least a couple of nights.

You should consult an attorney or CPA for your specific situation.ANONYMITY: When you create the LLC, your name is recorded on the documents and published on the Secretary of State's website for all to see.

Most will work hard when they are doing the capital call (a few of my deals did that) but some actually called to discuss the situation.

If you want the exact process you'd need to speak directly to the planning/zoning dept and specifically ask them these questions to outline the exact process for this property. 

You should consult an attorney or CPA for your specific situation.ANONYMITY: When you create the LLC, your name is recorded on the documents and published on the Secretary of State's website for all to see.