That matters because rentals are often automatically passive.That also means the taxpayer uses the material participation rules from 1.469-5T to determine whether the STR is passive or not.Having an average guest stay of 7 days or less breaks it out of the definition of being a passive rental under 469.

Quote from @Charles Kannon: I lived in my home in South Carolina as my principal residence for all of the last 10 yrs, moved, then sold with owner-financing. 3.5 yrs later after sale, the buyer re-sells the home and sends me full loan payoff.

Perhaps in a few months, a refi will help you pull out more of the invested capital.

Try to hang on until the end of the lease, or at least until there’s only 15-30 days left if the tenant is really keeping the property up and will let people walk the property while they pay rent.

One said I needed one type of exit light, while the other said the municipality couldn’t make me do that kind of thing and I could go with a different cheaper option.  

This is one of the most difficult items to find when you are starting your Short Term Rental business.

I had an A/C unit go out on the hottest day of the year last year, and the tenants had two older dogs so it became an emergency replacement of $7k.

If the HELOC rate gets out of hand, then go to the bank at that time.

I screen the individual physically occupying the rental and someone in upper management of the company (President, CEO, etc.). 

And because there are so many, demand is ultra low, except in the busiest of months.