I keep hearing the 50% rule and the 1% rule i was wondering what they are and how would they apply to a house hack?

You clearly don't know what your doing and should NOT, by the rules and codes of NAR, be a primary listing agent on anything right now.

I’ve made rules and stick to them.

I plan to hang my license with my uncle’s brokerage, and since Virginia has lenient reciprocity rules, this will allow me flexibility in both states.

What Melanie is referring to here is stepped up basis rules that allow you to take the FMV at date of death or at 6 months after death.

(you can get the process started after 60 days) We have the 90 day season rule.

What the Sixers propose is nearly identical to Garden set up.

The rules aren’t often enforced, but I’d be more worried about getting caught up in a lawsuit with no errors and omissions insurance protection personally.

However, there are some challenges to keep in mind:Regulatory Variations: Regulations can vary widely between locations and are constantly evolving.Active Management: STRs require more hands-on management for guest turnover and communication.Additional Costs: Don’t forget about expenses for furnishings, cleaning, and possibly hiring a property manager.If you’re looking for STR-friendly areas, consider these locations, as others can be too expensive to consider, such as Snowmass Village or Aspen:Breckenridge: The most visited ski resort in North America, attracting around 3 million tourists each year.Steamboat Springs: A popular year-round destination for winter sports and summer activities.Keystone: Great for those wanting a less crowded resort experience.Divide & Florissant: Charming mountain towns close to Colorado Springs.Fairplay: Just 30 minutes south of Breckenridge, with an impressive 82% Airbnb occupancy rate.Cripple Creek: A former mining town now known for casinos and outdoor activities.Park County: Very Airbnb-friendly, though regulations may change.Here are some strategies to help you succeed in the STR market:Hybrid Model: Consider using some units for STRs and others for long-term rentals to balance income.Research Local Regulations: Always check the current rules in your target areas before investing.Year-Round Appeal: Focus on locations that attract visitors in all seasons.Quality Furnishings: Invest in quality to justify higher nightly rates and attract better guests.Dynamic Pricing: Use pricing strategies to maximize revenue during peak seasons while maintaining occupancy in the off-season.Stay Flexible: Be ready to adapt your strategy as the market and regulations change.While Colorado’s STR market offers exciting opportunities, it’s essential to approach it strategically.

The IRS has strict rules preventing passive losses from offsetting active income unless you qualify as a Real Estate Professional (REP).