Keep rents lower than the going rate and give them an incentive to stay like no pet fees or upgrades to the homes.

Staying involved in a business partnership while dissolving the marriage will rarely work.If you split the properties, I recommend hiring a good property manager.

There are numerous paths to wealth in this country; they can't all align with your goals.

He was happy to allow me to rent out nightly because it actually helps keep his property in better shape than a long term renter (having a cleaner in there every turnover, short stay guests always let you know when something isn't working, etc) but didn't want to hassle with worrying about a percentage of income/management, etc.

You'll be tagging transactions throughout the year with categories that fit the Schedule E so when tax time comes (if you stay on top of it) every deposit and expenditure will already be categorized and it's quick to create the Schedule E and/or run P&L reports any time you need to.

- Any tips for staying updated on regulation changes?

For example, I have two STR high-income earners (making 140k & 150k) in Joshua Tree for sale with low expenses, where the sellers will stay on to manage it.Making sure you are keeping as much as possible from the tax man is a huge component and to do so you usually have to invest it.

I currently own a few properties here in Bryan-College Station, I have a full time sales job so try to stay as passive as possible. 

Its a hard explanation on this part of the industry however I have decided to stay away from real estate and continue my path investing in the SMP500.

Payments stay lower, cashflow better and it'll boost your balance sheet not to mention lower risk when things go awry.