that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases.

Material Participation in a Real Estate Trade or Business.This is pretty straightforward but you must materially participate in a real property trade or business, such as development, redevelopment, construction, reconstruction, acquisition, conversion, rental, operation, management, leasing, or brokerage.2.

Needing to track everything from rentals, scheduling, leases, accounting and marketing - it was a big Ask!

Current lease agreement says tenants will cover utilities. 

I'm most concerned about vacancy due to the higher price point of furnished and if it may be a better idea to lease unfurnished/ long term. 

When I first bought the building I did not know the difference of NNN or gross leases so I just copied and pasted the previous owners lease.

Terminate the lease, clean the place up, and find a new renter. 

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases.

For the management portion of collecting rents, posting notices, or getting units leased - this same owner had his son/partner do that portion. 

I also put in the lease agreement for the LTR exactly what they were leasing and what spaces they could use.