When looking at out of state STR Loopholes the IRS is more likely to question how you are materially participating and managing the property.

It's up to you but flipping is obviously more risky... also depends how handy and knowledgeable you are, if you aren't able to do things yourself you need to budget for labor costs... on top of holding costs and material costs.

I couldn’t imagine telling my attorney that my property manager doesn’t feel comfortable sharing notices and material communication to me.

Considering the cost of materials is decreasing.

Talk to a lender or read some online material to learn how to do it quickly and wisely.

And it needs to be in your area if you're going for material participation.

The previous owner was handyman to the property(as I will also be) so I would think maint# is likely Material only.

IE - they're stringing you along to get exposure to deal flow, and they're not making any tangible or material commitments to being your financial partner, unless it's an absolutely incredible deal that they cannot afford to miss out on.

I recommend building your elevator pitch (30 seconds or less), your uber presentation (five minutes), and your listing presentation (up to 30 minutes with supporting materials).

Lending Provide a copy of the contract to your lender so they have the material terms of the agreement.