You will not get audited due to land values you report on your tax return.

The other person is your investment partner in LLCPartners in LLC pay taxes based on operating agreement and % ownership (each partner gets a Schedule K-1 to report the income from LLC on personal tax return)@Nicholas Dutson more details needed on your property, what it's worth, etc to answer this.

•Impact on Adjusted Gross Income (AGI): Deductions can affect your AGI differently depending on where they’re reported.

Inform your LTR tenants about these rules and let them know they can report any excessive disturbances directly to you.Communication: Keep an open line of communication with your long-term tenants, so they feel comfortable voicing any concerns early on.Outdoor Amenities: If there's a shared yard or patio, think about dividing these spaces further to give both STR guests and LTR tenants their own zones.Protecting Your STR from Bedbugs:Mattress Encasements: Invest in high-quality, bedbug-proof mattress and pillow encasements.

Reporting back — thanks for all your help on this one!

We keep our list in SharePoint and every quarter we grade them like my kids and have a report card.

You've already gone above and beyond, but it seems you just dig up more problems.When you run a credit/criminal background, the credit report should list the applicant's current and previous addresses.

The market, like many, saw a huge supply bump from 2020-2022, on the order of magnitude of about 100%, which outpaced demand and drove ADRs and RevPAR down. 

If you’re not comfortable with your analysis and still want to pursue the purchase, I would recommend engaging the services of a real estate consultant holding the CRE designation and paying them for a short form report.   

Open a business checking account, obtain a DUNS number, and look into setting up accounts with companies that report to business credit agencies (e.g., net 30 vendor accounts).