Operating Agreement is probable, but do they need tax returns? 

Best practice is to operate as an MTR and backfill with STR guests because if you open up your calendar to STR guests without tight restrictions, you're an STR.  

Kevin, my investment properties are held in a 3 tier structure: operating LLC - Holding LLC - Living Trust.Hope this helps.

I literally would lose my mind if this a "operating" property with tenants and other variables.

A skilled operator can still make money there, but if you are long distance, have no connections to the area, and just like it because it is cheap, it's probably going to take a lot of time/hassle and underperform index funds.

The goal is to get in their world, see how they operate deals and follow their formula.

It is a long term goal of mine to operate in a Northeast/ Mountain market at some point once I establish my brand more in Texas.

Also because of my passion, and also because flips are really hard to find nowadays that have a good margin of more than 10% profit from the selling price.I started to do some digging in the main market that I am operating at right now and found a nice option that I liked:Find an old house in a good area in the city metro, demolish and build a new one on top of it a medium to high-end home.Why?

The “worst” appraisals I’ve seen (on a consistent basis) as to over valuation are on non operational health care facilities.  

We already operate an Airbnb on our property in NY.Any recommendations?