I own and operate a property management business serving these areas.

Some design and amenity ideas:+ Welcoming living space with plush seating for family hangouts+ Coffee bar or stocked tea station for early mornings before campus events+ Dining table or breakfast nook perfect for family meals+ Dedicated workspace for parents who need to check in on workFor sports fans, tap into their game-day energy and make your STR the go-to spot for a fun, convenient stay:+ Big, comfortable seating & a great TV setup (think oversized couch, streaming sports channels)+ Game-day essentials like a mini fridge stocked with game-day snacks/drinks+ Outdoor space with a grill & seating for pre- or post-game gatherings+ Good parking (sports fans hate scrambling)+ Team spirit decor touches (subtle, not tacky—think framed sports prints, not full-on mascot murals)Your design & reviews will do most of the marketing but to market directly to these guests:🎯 List your STR on sites where parents and alumni book (if allowed)🎯 Partner with local businesses—coffee shops, sports bars, or tailgate services—where your ideal guests hang out🎯 Optimize your listing title and description with phrases like “Perfect for Visiting Parents & College Game Days”🎯 Time any discounts/promotions around major campus events—homecoming, graduation, big rivalry gamesThink of it this way, you’re not just offering a place to stay—you’re creating an experience they’ll want to book again and again.

Would that lower our tax liability from other income we receive or no because this is purely RE and not an operating business?

I have known exactly one in my 10 years in the business.

After that's under control, focus on increasing income through additional work at your current job, taking on a side hustle, or finding ways to increase income on your existing rental.At the same time, educate yourself.

I run Forged Home Buyers, a San Antonio wholesaling business, and my business partner is an agent with Virtus Realty. 

You'll learn a lot here.I recommend focusing on 1 strategy/business model and going all in on that one until you've mastered it and it's stable.

A formal business built on this seems overkill as you’re essentially paying someone for a service that already has standard model.If you and the parnter have distinct business tasks/abilities (i.e. not what you would hire an agent or contractor for), such as off-market lead generation, that’s a different discussion.

At some point, everyone wants cash to start a business, buy your dream home, or go on an incredible vacation with your family.

I have recently been made aware that I get straight to business without really concerning myself for the sellers side of the story and when you have the sellers problems, goals, etc.