We're about 3 hours away and per the STR rules of the city the home is in we need to have a management company.

@Brian Carmichael Your proposal violates IRS self-dealing and prohibited transaction rules.

Hi Grayson, with you mentioning conventional 5% down and FHA 3.5% down, it sounds like you are referring to a primary residence.Private Lending/Hard Money Lending is usually on investment property (We can do primaries but it is highly regulated & varies state to state so most refrain from it.)If you are looking to get into a flip, long term loan, whatever it may be.If you have no experience & a solid fico, rule of thumb is 20% down.Hope that helped :)

It descibes the rules for reserving usage, exit strategies, and other very minute details.

I've hired cleaners in house & covered for some local owners for a couple of months while they were out of town, and it's not very straightforward. 

As a reminder, the San Antonio City Council approved new STR rules (you can see my post regarding this here!). 

Caveat: Rule of thumb is to not do more than 1-2 of these short-term transactions, otherwise, you could trigger UBIT. 

I'm trying to confirm my understanding of a less straight forward capital gains scenario than the one-time purchase and sale most deals involve.Essentially 100% interest in a condo was acquired over time, as each joint tenant passed away, leaving 1 sole tenant who gained full ownership by rights of survivorship.I've gotten differing opinions from different professionals and am trying to understand the calculation of the basis and the final capital gains  tax that would be due myself so I can spot bad advice and understand deals.Assumptions:A condominiumNo depreciation has ever been taken by any owner.No 1031 exchange.No expenses or improvements.

Always the day of, I don't trust others to comply with all rules.

STR changed that rule for a bit there for a run of 3 or 4 years but now even that has come back down to reality.The key to investing has always been to buy right.