Being that the LLC is two member it defaults to a partnership.

Two main reasons being: (1) debt does not increase your basis in an S Corp, which means your losses get limited.

My wife and I have jumped in and invested in two separate STR properties in the Blue Ridge area. 

The other two that are commonly used is (1) 100 hours and more than anyone's time in the activity or (2) substantially all the time in the activity. 

I started with two remodeling projects and have since completed three new construction projects.

I have stories for a book or two.

This property offers spacious townhouse like setting floor plans offering one, two and three-bedrooms.

Security Deposit: 2600Lease states no smoking/painting walls/no hanging things on wallsTenants have moved out and have left two truck loads of garbage to be removed.Damaged doorPainted walls which got on the ceiling and trim Lots of holes on the walls throughout the houseDamage from windows being left open constantly Weed was clearly smoked in the house (smell throughout the place) so we need to deep cleanWater bill wasn't paid so I had to turn back on utilityMissing keyQuoted costs:$450 junk removal (some furniture)$935 for damaged doors/windows, painting cleaning$30 for utility turn onTenants were only there for a year before moving out so a lot of this is beyond normal wear and tear. 

In the past two years we have completed over a dozen flips, We are holding 20 rental units self managed and 2 self managed Air BnBs.

The land is on two tax lots so my plan is to sell the extra lot immediately after closing for a projected $275K.The property on the other lot will be a fix and flip with projected costs of $240K and an ARV of $750K.I plan to use a PML of 2 points and 12% APY for 70% of the total cost.