My tax professional is stating that I would need an appraisal to show the lot/structure are valued at $400k if I try to claim $200k as a donation.

Another huge thing to consider is laws and regulations, many times new investors will jump at Hudson county thinking the proximity to NYC is great for renting (which it is) but many of the municipalities in Hudson county have very strict landlord laws. 

Attitude and professionalism are paramount; product knowledge next, and then there's your contact/follow-up systems.Put that together, price-test against the market, and you'll have a sustainable, constantly expanding, and very profitable venture.Good luck! 

Hello all,Has anyone sold a short term rental owned over a year  as a non real estate professional that qualified as short term capital gains tax deductions with expenses and depreciation?

Now, if they are following SEC regulations, these should be spelled out in the PPM, but they might not all be in some glowing, highlighter-green table.  

I’ve developed a Comprehensive Investor Report (CIR) for a property in Palm Coast, FL, designed to be transformed into a luxury rental asset while serving as the foundation for a scalable asset management strategy.Here’s a quick snapshot of the deal:Property: Red Birch Lane, Palm Coast, FLCurrent Value: $350,000+Mortgage Balance: $165,000Current Equity: $185,000Investment Required: $177,500 (for luxury upgrades and optimization)Projected Monthly Rent: $4,500 with 2% annual increasesTarget ROI: Full 1.5x ROI for investors achieved in 9 yearsLuxury Features: Smart home automation, designer finishes, professional-grade kitchen appliances, and more.I’ve also structured a capital distribution plan with a waterfall approach:8% Preferred Return for investors.Full Return of Capital to investors before profit splits.Post-ROI, a 20/80 split (Investor/Management) ensures long-term alignment.

Licenses are typically required if you plan to work in a professional real estate role, like as an agent or broker.

One thing to take note of is that a lot of places that are established STR markets have regulations stating that you have to honor future bookings.

Build a strong team, prioritize cash flow, and take the time to understand the local market and regulations, especially for development projects.

@Eric Andersen definitely put weight into what @Michael Baum wrote and do your own research on the city regulation/zoning.