Old post but I figure I would comment here... my Company, Maven Cost Segregation has done studies on projects like this.

Anyone out there on W2 , owning a STR that is taking the benefit of its managment qualifying you to take real estate losses against your W2?

@Gary Abrams A cloud based solution would work really well in your scenario of having other family logging in and helping with management. 

Projected sale: 950-990k Replacement property budget: 990k - 1.1M Plan: rent out the replacement home until meeting the requirements, then move into it while renting out a portion of the home via short-term rental 

I am just a beginner wholesaler so I haven't done much marketing/lead management yet.

Making sure we can manage our own properties in these areas.  

I would run this by your realtor/property manager to get clarification.

Technically as the manager of the LLC you can open an accout with any financial institution though they don’t all cooperate when it’s an IRA owned LLC. 

My team and I are also out-of-state investors, including a managing partner who was born and raised in Toronto.We’ve been investing in Cleveland for a little over a year now and currently own 22 units in the area.

We've closed had a few luxury/jumbo STR's that way, where the revenue is surpassing projections.