It seems reasonable to ask for proof of employment, perhaps a (small) security deposit, but beyond that, they don't want to bother with the usual "getting an apartment" paperwork.

As such, the profits are taxes are ordinary income subject to self-employment tax. 

Your profile mentions that you ahve ownership in an LLC - WoodRich Hospitality Services LLC.If it is a multi-member LLC, there may be a separate partnership return required.If it is a services based business, there may be a benefit to operating it as an S-Corp to save on self-employment taxes.

the longer answer is... if you are employing a combination of creative strategies then it's possible to reduce the amount of cash you need to put down / to close. 

I am self employed contractor and have half the year off to do renovations over the next few years.

As such the profit is taxed as ordinary income subject to self-employment tax. 

If you're getting burnt on bad repairs it will help to use techs/subs that have some built-in accountability so you have some recourse if they burn you - whether its with their employer or a review on the platform you hired off of.

From someone who went from dual O-3 pay no kids to self-employed and a stay-at-home mom of 2, I wish I had taken more risk when we had the dual income.

*This is the fourth post in Fayetteville NC Market Data Thread*Fayetteville is the 6th largest municipality in NC, supporting a population of around 208,000 within cities limits and MSA of ~530,000 and employing about ~76k people. 

If you are in the corporate world and are tired of having to go into the office or having zoom calls in your underwear with a nice shirt and tie on or if your are self employed, what are your options for retiring early?