We are building a place with HELOCs then after it is built we will finance it and pay off our HELOC, at least thats our plan. 

Whatever approach aligns with your goals, I would hook up with a solid team focused on that investment strategy with the experience behind them—no need to pay your dues if someone else has and you can learn from them. 

This influx of high-paying jobs (averaging $60 per hour) is expected to draw a significant number of professionals to the area, boosting demand for housing and various services.

but if i go in a LLC with them i get hit with the tax from the sale of the homeThe GC and the flipper were just going to split the profits from the sale of the home and they were going to pay me 2%/12% for the duration of the build. 

Hey @Justin Brown, what @John Underwood said is spot on.SLC has been restricting STRs for a long while now and it isn't going to get better.People who have STRs in areas where they are not allowed are breaking the law and will eventually pay the price.Having said that, you should check and see if there are certain areas where it is allowed in some way and that is why they exist there.

They must be very low odds because insurance companies are in the business of making money, not paying out maximums.

Unfortunately this market doesn’t appreciate that quickly, but I possibly may do that in 2-3 years depending on the market, debt pay down and the interest rates at that time. 

No need to pay big bucks for this. 

thanks Greg, yeah in NJ I pay $50 for LLC creation and 100 for boilerplate operating agreement for each of my properties to get an LLC set up online in 5 minutes and spits out the same documents  vs. $1500 for a lawyer so its just common sense to not use a lawyer and throw the $ away.     

The worst thing is to pay for a service where you don't get a benefit.If you have STR's and actively manage them, then there is a good chance that you can treat the propreties as active instead of passive which will allow you to offset the losses with other forms of income such as wages, interest, dividends, gains, etc.