Additionally, you may wish to speak with a CPA as to whether or not becoming an S Corp is the right decision – they can assist with reducing self-employment taxes.

Quote from @Fernando NA: Hello everyone,I’m considering purchasing a piece of land near Divide, CO, to build a small off-grid log cabin and list it on Airbnb or similar platforms.For those of you who live in the area or have experience with this, I have a few questions:>Is it possible to list such a property on Airbnb given the local regulations?

Fannie Mae has a requirement that if you want to use the rental income from the non occupied units, that you MUST have a current housing expense which means you cannot live rent free.

If you are doing a live-in flip why not use that equity for a down payment with a refi or HELOC?

I got tired of paying to live in other people’s homes.

But, I'm fairly risk averse, and do live in a heavily tenant leaning area as far as regulations and court judgements. 

Quote from @Nicholas Dillon: Hey guys,I own 2 LTR properties, plus my primary home that I rent out half of the year while I live in Indonesia with my wife, who is Indonesian.  

Selling would likely trigger capital gains taxes (unless you lived in the property for two out of the last five years or use a 1031 exchange).

Ko,The property is in Missoula Montana, I live in Bozeman Montana. 

It was a small $$$ project but time consuming because that was something I DIY'd while living in the property.