Yeah I think it's a unique opportunity to test waters in short term rentals or "mid-term" rentals with less risk.

I might have some pretty creative work arounds but haven’t tested them out yet.Or, maybe its time to start putting STR Micronations together

They aren't into doing "work", like taking classes, passing tests, doing reports, paying brokerage fees and being supervised.

Qualification Tests Overview:50% Test: Real estate professionals must dedicate over half of their annual working time to a "real property trade or business."

Similar to #2 but its based on the eye test, looks for rundown homes in your target neighborhood.

On small balance preferred equity, rates are 15%+ so this fails that test in my opinion.

While this may exempt it from being classified as a rental activity, active participation remains a requirement, necessitating compliance with three tests: spending 500 hours on the property, dedicating at least 100 hours (and more than any other participant), and performing all the necessary work needed.Additionally, long-term viability and consideration of depreciation recapture are important concerns.

2) Can an MLO operate in multiple states after passing those state-specific tests?

While this may exempt it from being classified as a rental activity, active participation remains a requirement, necessitating compliance with three tests: spending 500 hours on the property, dedicating at least 100 hours (and more than any other participant), and performing all the necessary work needed.Additionally, long-term viability and consideration of depreciation recapture are important concerns.

So our doors remain freely open to only a handful more investors.After that, buying a property from us will be like trying to get a bottle of Evian water in the Sahara Desert, lol.I'm looking forward to only working with our existing investor base and helping them grow their current portfolios.