Then you need to materially participate in the activity, here are the tests to meet MP: https://www.investopedia.com/terms/m/material-participation-...I recommend tracking your hourly diligently in a material participation time log.

While I only have one LLC right now, I plan to expand to multiple LLCs (one for each property).Here’s where I need your help: How should I set up my account to reflect all the real estate activities like rental income, expenses, and distributions?

I am actively seeking mentors in my area who are willing to teach and guide a determined and hard working student.

This is a company that will perform scheduled inspections of your rental property to identify deferred maintenance needs, dubious tenant activities (say, illegal pets, bad housekeeping, failure to change HVAC filters etc). 

Here is my situation:- I'm a W2 employee that earns north of $500k a year- My wife is a stay-at-home-spouse- I'm looking to buy ~ $1,000,000 in STR Real Estate by the end of the year (as an investment and to offset my tax bill)I'm fairly well versed in the rules surrounding using STR to offset active income.

I am actively speaking to a few sellers and will keep you posted if that need should arise. 

I do agree that having a clear timeline and budget is vital and am actively doing my due diligence with researching that subject.

My suggestion would be to jot down all the activities that are taking up your time, then start researching how other STR operators have solved those exact problems.

Before you get any further, if you haven’t, I would highly recommend writing out your specific investment goals, your reason for investing, how active you want to be, if you want invest close to home etc.

Inventory is in the 5-6 month range, with 20%+ more active listings on the market compared to July 2023.