I was just reading Mark's book "The Tax & Legal Playbook" this morning and it specifically had a "critical warning" (page 31&32 in Chapter 3).

Usually the numbers don't work to build in these neighborhoods, unless government tax credits, etc.Do you see the problem with your two statements:"The turnover costs could/will be high"and"How much more damage could they do?"

Hi Forum, I'm about to close on my first STR and plan on materially participating >100 hours this year as I'll be working on the property and plan to rent it the last 1-2 months of the year. I've read the qualifyin...

Is $107k your true net, or do you have any other expenses (mortgage, taxes, lodging taxes and fees, insurance, utilities, landscaping, WiFi, etc.)?

Yes, do the tax exchange if you can.  

The only purpose of the account would be to collect payments and pay bills like taxes and insurance on assets held by the LLC.

Or even just use the FB group where people bring deals for a finders fee, you evaluate and then pay a % to a TC to help close the deal.

-Management is low - you'll need at least 10% plus leasing costs - typically a month's rent for each lease-up, and sometimes a renewal fee as well-Insurance seems low-Are taxes accurate? 

Who covers the tax bill when they don't pay the tax bill or the insurance? 

Yes, property taxes are higher for investors but not terrible.