Plus, managing an LLC adds complexity, requiring adherence to state regulations and additional paperwork.

From what I have read, this is viewed as a "gift" and so the capital gains tax implications change based on local laws/regulations.

Any opportunity is too good for the law abiding citizen, unless he can bring to table millions of dollars , spend 60 hours on some BS course to acquire a license, to have every breath and sigh controlled, regulated, restricted, obstructed and sabotaged.

It's a loophole, and it will eventually close, everywhere.Any property I buy going forward that I plan to hold long term I will only buy in areas that are already extremely strictly regulated for STRs. 

@Nam PhamContracts: Have a detailed contract outlining the scope of work, deadlines, payment schedules, and materials to be used.Updates: Establish a schedule for regular updates, such as weekly calls or video conferences, to discuss progress and any issues.Project Management: Utilize project management tools like Trello, Asana, to track progress, manage tasks, and store documents.Documentation: Request regular photo and video updates.

@Megan Stone good to hear this attorney offering you excellent advice even though it isn't in their 'best interest'.I've always established my commercial RE LLCs in the state of the asset.  

Establish good communication and relationships with your tenants to foster a positive renting experience for both parties.

Try to establish relationships with common services needed for your property, such as, plumber, electrician, handyman, septic, lawn, locks, etc. 9.

Be sure to study up on your local rules and regulations and make sure you're comfortable with it all before taking this on.

STR just became regulated and the new ordinance is causing some angst.