However, should you have net rental income that is subject to net investment income tax, then REP status would be helpful to avoid NIIT.Just to be clear, if you have an STR and you materially participate in it, you aren't subject to NIIT. 

If you need further help, DM me and I’ll point you in the right direction!

If I could re-frame, and put myself in your shoes, I would look for a money partner to help secure rehab properties. 

He told me I should and then helped me purchase it.

He also said he'd help me acquire large multifamily, but then had never even heard of Crexi, or Loopnet and had never owned anything larger than a duplex. 

Wife worked at the time so that helped on first home. 

There will be many situations where you can help a homeowner save their home -  however, in other situations they just want to sell quickly which provides a wholesale, fix/flip, buy/hold opportunity for you. 

Quote from @Drago Stanimirovic: Sure, happy to help! 

And happy to help, we are Nashville based. 

•Take your time, do your due diligence, and make sure it aligns with your long-term investing goals.Hope this helps!