@Syed H. is spot on.

Normally in a spot like this, we would recommend to a client that you sell your primary residence and claim your capital gains exemption under Section 121, but you have two strikes against you: (1) you have not lived in this property long enough to qualify for that, and (2) I'm hoping you already claimed an exemption on the sale of your other primary residence a few months ago, and you can't claim Section 121 exemptions within 2 years of each other. 

We would walk properties and make offers on the spot.  

Do tons of research to spot swe­et deals.

The points you covered in this post are spot on. 

CIREA, as @Sunny Chen mentioned, is a great resource. 

:(The high returns outweigh the issues with banks and complexity with the IRS in my opinion.Especially since you are so complicated Mr C hahaDon't worry tho, The Dingo still has a soft spot for you in my heart.ps.

All these STr regulation is actually protecting the owners of STR because the supply is limited.Tax was also not that big deal.If we purchase STr in Tahoe , every county has very different rules and the permit has limit while in Hawaii as long as it is in resort zone, we will get the permit.Also another good thing if we buy at the correct spot the appreciation is so good this is actually the best performing market after CA.

It's not like I answered a call from a random septic company with some story about this and hired them on the spot.

Quote from @Sunny A.: Hi Marc, it can depend upon lot of factors like exact location, basement, garage, outdoor space, finishes etc.In general, right now, I see house going in range of 350k-400K.