Hey @Grant Woodward, you can never be too cautious when it comes to guest safety like @Lauren Kormylo said.There are dozens of things at your STR that could cause an injury or worse so making sure all the ducks are in a row and quackin' in unison is one of the most important things you can do.Like @John Underwood said, make sure you have a rock solid insurance policy that covers the pool and adjoining areas.

We simply include the tax on the invoice sent to guests, which makes it easier to track and ensures we're covered for tax purposes at the end of the year.For Chicago, I’d recommend checking directly with the city’s tax office or a CPA, but generally, you’ll need to register with the city, collect the hotel tax from guests, and remit it on a regular schedule (likely monthly or quarterly).

This deal came along and I have an opportunity to cash flow $3k a month When converted to a fourplex and it has a non attached garage that I could turn into an ADU which would add to the cash flow.im just hoping to get out of the hard money loan and lower my payments and rate if possible so my rents can cover mortgage.I have an air bnb rental that I have a very nice chunk of equity in but won’t be able to sell it til spring.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Errors & Omissions (E&O) insurance isn’t legally required but is essential to cover claims of professional negligence.In Maryland, the requirements are similar.

Jacob,The advice you are getting from this guy who is "in lending" is very vague and is not covering all of the fine lines that manufactured home financing requires.

Usually, a 3 bed 2 bath will rent a lot faster than a 2 bed 1 bath etc. 

My CPA was unsure... do you issue 1090-NEC for the difference between 1099-K and 1099-MISC or do you double up the income (i.e. 1099-NEC for gross rents from PM, 1099-K of the net owner distribution on 1099-K, then owner reports double income and puts a line item expense for the 1099-K since 1099-MISC covers gross rents).You need a new accountant lolPM issues 1099-MISC, not NEC for rental income paid to property owners.You would still issue the rental income paid to the owners regardless of the payment method.The Property Owners should add an expense line item on Schedule C stating that income reported twice on Form 1099 to offset any duplicated amount.

Most occupied property insurance policies will cover "vandalism and malicious mischief" but there are different forms of policies so you'll have to ask.

and trailer stolen, workshop robbed 3 times, business bank account hacked and Not Insured (w a bank name like C#@$e), hip replacement, Botched oral surgery for sinus cyst 3 times, So Far, that caused an infection that kept me from working most of 2024 and just now recovering.SO Fire Sale February for me But I’m too broke to finish a punchlist to keep rental certificate open on top of living expenses and cover unexpected bills.Seeking micro bridge loan in the $5-10k range to be repaid at sale of house.I have another small single family paid off and rents for $950 as well.Any advice or suggestions for resources Greatly Appreciated