They just have not declared bankruptcy.

Those income limits were enacted because cook county was declared a designated disaster area back in 2013 by FEMA.

Because of these factors, Illinois may become the first state to declare bankruptcy since the Great Depression.Governor Bruce Rauner has gone so far as to call his state a “banana republic.”http://www.zerohedge.com/news/2017-06-23/canary-co...In other words, any financial calamity that occurs at the national level, would be magnified at the state level.

All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter; however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserved.Note the PRESUMPTION of brokering and the person has to PROVE they are not. 

As long as you’re willing to declare bankruptcy and have nothing to lose if they outlaw STR by non-owners and you have to bail on the leases.

Then, the IRS will downsize to the maximum and just have the JOB of making sure that all the Businesses declare those Taxes that were collected.

What you DO need to do now, however, is agree on how much those fees will be and draw up a contract with her company (which, as you'll need to declare as an expense, she'll need to declare as income) just as you'll be doing with the electrician and the plumber.

As with local laws, always check a condo's declarations.

I'd hate if my parents had to foreclose or declare bankruptcy or destroy the relationship with my parents over a risky adventure.

But failing that possibility, would not an alternative be to keep that amount out of the reinvestment, declare it as taxable income from which I would deduct the same amount as an expense?