Some require that you inform tenants if you have an interest bearing account and pass the interest along. 

Any information would be greatly appreciated!

Will the title company put this property under our LLC name, and won’t be required to legally inform HUD/tax authorities. - will it influence property taxes once we move to conventional loan in 3 yrs? 

I was able to get more information on the property then if I didn’t know the seller and I’m still able to contact the seller if I have questions.

I would also add that you join your local REIA chapter (Real Estate Investor Association) as it will allow you to network with other STR owners and get more location-specific information. 

Quote from @Abhijit Roy choudhury: Financial Crime enforcement Network, requires reporting of Beneficial Ownership Information filing by 01/01/2025.Does this apply to us, Rental LLC owners.

Quote from @Tom Server: I’m looking for advice on the best way to access about $100k to pay off my 401k loan, credit card debt, and cover some rehab costs.Here the information-  I purchased 2 properties last year, 1 is a rental property that i had for about 8 months, the balance of the mortage is 170k, worth around 300k .

I reached out 1/25/23 for another update, received a response 1/27/23 that they are working through the influx of information requests and they would get back to me soon.

Quote from @Alan Asriants: Great information!

Just given the information that you provided, I would say buying a house where you can rent out rooms or a separate apartment is a great way to start.