If you didn't, seems like a bad / inexperienced accountant to suggest such a thing.In my opinion, its the same as telling someone to go to a trade school and get a new career.A STR can help you lower your taxes but I would only do it if you were planning to purchase a STR.A STR is a business, you are responsible for furnishing the house, responding to guests, providing a great stay and experience, etc

My simple math suggests that you probably have to shell out $600k in cash (25% down + furnishing, travel, and make ready costs) for the privilege of losing $1,000-$5,000 per month.

Hi House-hackers,I've seen different advice about software that MTR folks should be using but it seems like the suggestions are based on people having multiple properties they're managing, both as STR and/or MTR.I'm starting out and am hoping to get a tenant via Furnished Finder.

Spell out the complete agreement of how expenses, profits (or losses), and other responsibilities are to be split—put everything in writing.Do a background check on the partner to confirm there are no outstanding liens, judgments, or active lawsuits against them.Hope these suggestions help.

Most self managers are intimidated by the process and put up with stressful issues like this for years and never take the simple, obvious steps.

The standard to apply is quite simple: Did you accurately disclose the character of the down payment funds to the lender in the loan application?

For this particular property, I went to see it today and the conversion appears to be a rather simple project of moving a door.

Quote from @Blaise Peterson: @Theresa Harris @Jonathan Greene @Tim Delaney @Corby Goade @Adam Bartomeo I want to thank you all of your great suggestions!

Even if you did entire build yourself, I think you are looking at 2.5 times your estimate and a lot of work and time.I suggest you go to some meet ups with an emphasis on understanding the value added by ADUs.  

Simple rule of thumb is demo, then most inner to most outer, meaning: studs, plumbing/electrical, drywall, etc going to outside, then/together with top to bottom.