If you're actively involved in the development and management of the property—like overseeing construction and handling other key activities—the IRS might consider it an active STR business, which could allow you to apply the depreciation against your W2 income.

If so, could you recommend any LLC templates or other forms that apply to this specific type of situation?

., other borrowers in your market, contacts for tried and proven contractors, etc).Of all things to do, you should not hide and ignore phone calls.And last but not least, if none of that works, list the property in hopes to recoup your losses and let another investor take over and get out of the project and take the lessons you learned and apply them to the next one.

If that property is till under the LLC you will need to purchase under the LLC.If you have taken ownership of the sale proceeds your next homework assignment is to look into Qualified Opportunity Zones and Qualified Opportunity Funds (QOZ, QOF), note the same accredited investor status still applies. 

My goal is to take what I know, learn more, and apply it to my everyday intentions.

If the Association decided for whatever reason the statute did not apply to your situation and filed a Claim of Lien to enforce the shortage you could resubmit the claim to the insurer and see if they provide coverage. 

The following checkboxes are intended to help your company determinewhether any exceptions apply to individuals who might otherwise qualify as beneficial ownersof your company.Minor Child (Exception #1)An individual qualifies for this exception if the following criterion applies:1.

If it does apply how do I get out of it.    2a.

In my case the only two that apply are no smoking $300 violation fee and $125 lost elevator key fee.

I ended up having a more qualified person apply.