Looking for ways to create more passive income for myself.I guess an additional question is how profitable should I expect a short term rental to be in that area? 

Hello Michael,I own a company that specialized in building ADU's in Los Angeles and while I can't speak to the demand in your particular zip code what I do know is that each ADU we've built has created an ROI for our homeowners.

This is the one that sparked Tennessee to really start to create legislation on it. 

And if you work hard, you can even find a cash flowing triplex or quad, so you can get a DSCR loan with little income to show.The comments saying it is hard are correct, but nothing good comes easy and it would be a big shame to forgo the #1 best tool in real estate investing, house hacking, without even giving it a chance.If you want to work hard to create something for yourself and your family, current or future, please reach out and I will help you look for a house hack that will kick start your investment journey.Best of luck!

However, this provides tax benefits over time rather than an upfront deduction.This post does not create a CPA-Client relationship.

Talk to your tax advisor about how to release your passive activity losses based on your situation.This post does not create a CPA-Client relationship.

Consult an attorney and tax advisor to structure the arrangement legally and effectively.This post does not create a CPA-Client relationship.

Create a realistic pro forma profit and loss statement to determine if this business has the potential to pay any more than you could make working a “no risk” job. 6.

Use this as a learning experience to refine your investment strategy and prevent similar issues in the future.This post does not create a CPA-Client relationship.

Or just create an inspection doc with checklist and have the tenant sign it?