Most professionals will recommend a separate LLC for every $1 million in assets but I don't think that's necessary.

Pay for professional advice and advocacy when needed.Support each other - you WILL get through this.

If you don't have copies of the lease, then that's where the experienced real estate professional comes in handy. 

However, there are some challenges to keep in mind:Regulatory Variations: Regulations can vary widely between locations and are constantly evolving.Active Management: STRs require more hands-on management for guest turnover and communication.Additional Costs: Don’t forget about expenses for furnishings, cleaning, and possibly hiring a property manager.If you’re looking for STR-friendly areas, consider these locations, as others can be too expensive to consider, such as Snowmass Village or Aspen:Breckenridge: The most visited ski resort in North America, attracting around 3 million tourists each year.Steamboat Springs: A popular year-round destination for winter sports and summer activities.Keystone: Great for those wanting a less crowded resort experience.Divide & Florissant: Charming mountain towns close to Colorado Springs.Fairplay: Just 30 minutes south of Breckenridge, with an impressive 82% Airbnb occupancy rate.Cripple Creek: A former mining town now known for casinos and outdoor activities.Park County: Very Airbnb-friendly, though regulations may change.Here are some strategies to help you succeed in the STR market:Hybrid Model: Consider using some units for STRs and others for long-term rentals to balance income.Research Local Regulations: Always check the current rules in your target areas before investing.Year-Round Appeal: Focus on locations that attract visitors in all seasons.Quality Furnishings: Invest in quality to justify higher nightly rates and attract better guests.Dynamic Pricing: Use pricing strategies to maximize revenue during peak seasons while maintaining occupancy in the off-season.Stay Flexible: Be ready to adapt your strategy as the market and regulations change.While Colorado’s STR market offers exciting opportunities, it’s essential to approach it strategically.

Readers should seek professional advice.

Hello Bigger Pockets folks,I’m an early career professional mechanical engineer (~8 years) hoping to learn the ways of real estate investing and make the ultimate pivot.

Build a Strong Team and DelegateAs you grow, it’s critical to surround yourself with skilled professionals who can take on various tasks, allowing you to focus on high-level strategy.

Readers should seek professional advice.

I'm a long time professional property manager and I'm not afraid to deal with delinquency or other legal matters myself, so I only pay for the services I want, like screenings and the tenant payment portal. 

Of course Gene,Your losses offset your gains.You can even carry losses into future years.Please consult with a tax professional though ;)