We then reach out to those contractors and onboard them like any other contractor - so we ensure insurance is up to date, workers comp in place, licensed etc.  

Best way is to consult with a tax advisor to ensure compliance with IRS guidelines.

If multifamily properties in your area are priced well, it might be worth moving forward sooner rather than later.Risk Tolerance: Since you’re the sole provider, it’s crucial to ensure you have a solid emergency fund to cover unforeseen expenses, especially during vacancies or repairs.Long-Term Goals: Think about how this investment fits into your long-term financial goals.

From adding bi-fold doors to creating outdoor kitchens, we design spaces that make the most of Southern California’s weather.These trends not only elevate the homes we renovate but also ensure they stand out in the market. 

You also will still need to manage your property manager  - ie, stay on top of expenses, ensuring your property is being managed effectively etc. 

It's a good idea to consult with a real estate attorney to ensure everything is legally binding and clear to avoid future disputes.

You and your legal, tax and financial advisors should review this transaction in greater detail, especially the PLRs, to ensure you understand the significant risks involved and are structuring the transaction as close as possible to the PLRs to mitigate some of the risks.

Clear financial separation ensures all rental expenses are deductible, maintains legal protections, and simplifies tax compliance.This post does not create a CPA-Client relationship.

Additionally, those forced to relocate due to the fires should update their address with the IRS to ensure they continue to receive relevant communications.

It’s a smart choice if you want to streamline operations and ensure a consistent, high-quality guest experience without being hands-on 24/7.I'd be happy to share more ideas.