As a starting point: -If they work full time and make $700k a year -Don't want to or can't spend time self managing a short-term rental -Don't have a spouse who wants to take the lead on managing the rentals They are likely not going to directly reduce their taxable income with real estate year-to-year. 

I also own some long-term rentals and a short-term rental.

I've never seen a new STR law that didn't grandfather in existing permitted short-term rentals.

Unfortunately the short and mid term markets are slowing down.

I provide short term rental furnishing and renovation finish list that includes paint colors, light fixtures, cabinets etc.

Once the work was complete, I refinanced to pay off the hard money loan and held the property as a long-term asset.This duplex also marked the start of my short-term rental journey—we ran our first Airbnb from one of the apartments before scaling to bigger projects.

A recession will knock out a lot of overleveraged operators, and with more people piling into short-term rentals, rates are already getting squeezed in a lot of markets.

I'll work with an attorney to assist with drafting that.Q2: Yes, I'll talk to my CPA but we'll most likely hold the property for at least 1 year under the LLC given our timeline to design, permit, build and sell the property, meaning I should avoid short-term capital gains.  

A lot of my clients buy in Alexandria because of the strong rental market and laid back laws on short and midterm rentals. 

Quote from @Andrew Pierson: Quote from @Vince Scipione: I am just a short drive in scranton/pocono mountains wish I could assist you.