Secondly, short-term rentals provide flexibility for owners, allowing them to potentially use the property themselves when not rented out.

If she is getting close enough to thinking that there will be an income disparity, she will stop at nothing to compel my husband to provide income documentation.All finances are joint except for the rental, which I keep rents for in a separate checking account and track spending for.

If you are providing champagne or wine, would we need a license for that to do so? 

If you provide any kind of substantial services like catering, car service, etc you will change you tax situation and no longer can file under Schedule E.

Verify and double verify with the applicant that the information they have provided is correct and that all income is verified and all adults will have a background check. 

Also, are they providing the LOI to sign or can you just write your own?

They only do Memphis and Little Rock and may provide you with the end result without the hassle if you like that market.

Happy to provide guidance and help you brainstorm. 

When it comes to analyzing properties, I’ve developed a specific checklist to make sure the home fits both resident needs and operational goals:Square Footage: Ideally, at least 2,000 sq. ft. to ensure enough living space for residents and staff.No Stairs or Pools: It reduces liability and keeps the home accessible for everyone (this is just my preference).Corner Lots: I love corner lots because they often provide extra parking and outdoor space—both of which are critical for families and visitors.

I hope to never need the umbrella insurance, but it provides peace of mind that I have extensive coverage.