Alas - I learned every step of the way about ordering materials, working with contractors, scheduling, insurance issues, etc.

Basic services like garbage collection don’t qualify.Material participation: Owners must pass one of the seven material participation tests, such as:You spend more than 500 hours working in your short-term rental business.You carry out all the necessary tasks to run the business yourself.You work more than 100 hours in the business, and no one else contributes more time than you do (this is often considered the best and easiest test to meet).

The goal is to compile a comprehensive list of candidates who meet the initial criteria for further evaluation.Analysis of Public InformationReview publicly available information, including the sponsor’s website, marketing materials, and any available financial reports.

It is a very system-driven profession and shouldn't be jumped into without the intention of building a business around it.

Finally, make sure that your short-term rental (STR) meets IRS requirements and doesn't get classified as long-term or this could prevent you from leveraging this tax strategy event though you are materially participating in property and it was placed in service.

If not we replace and charge the customer for time and materials.  

Material prices have gone up so some may charge 4-5k as well.

Nothing fancy just bare minimum with the cheapest material.

Here in Florida, all the roofs replaced and car windshields have driven up pricing also.The only way it does go down is if we get more providers.

Unused contingency funds, unless they were received directly from the borrower, must be used to reduce the outstanding balance of the renovation mortgage after all of the renovation work has been completed and the certification of completion has been obtained.The loan is not re-amortized.Draw Schedule:The HomeStyle program has a maximum 4 draw process.The initial draw can be up to 50% of the total project and can be for materials for the project.The final draw will be at least 10% of the total project as retainage and funds will be released upon receipt and approval of final inspection, Certificate of Completion from Appraiser, signed All Bills Paid Affidavits and Lien Waivers.Additional Draw Information:Ø Signed Draw Request by borrower and contractorØ Signed All Bills Paid AffidavitØ GMG review and approve the draw request and will release funds for disbursementØ A check will be issued in the name of the borrower and contractor and delivered to borrower via USPSØ An inspection of work to date will be performed at 50% completeFinal Draw Information:Ø Signed Draw RequestØ Final inspection/Completion Certificate will be required for release of final fundsØ A Title Update showing property free from lien or encumbranceØ General Contractor’s Lien Waiver AffidavitØ Affidavit of Completion GR will review and approve the draw request and will release a check in the name of the borrower and contractor.Change Orders and Cost Overruns:Changes to the initial plan are not permitted unless prior approval by Guaranteed Rate.