Owned and wholesale residential for the last 5 years, but this is a whole new game to me.

If a piece of residential real estate is compliant non-conforming you should be able to use it like any residential real estate. 

This can provide a better depreciation benefit than traditional STR real estate.If permanently affixed to land, it qualifies for real estate depreciation (27.5 years for residential properties).Considerations:Zoning laws and campground restrictions may impact legality.Self-employment tax risk arises if you provide substantial guest services.Vacation home rules apply if personal use exceeds 14 days or 10% of rental days, limiting deductions.Audit risk is high, so keep detailed records of participation, expenses, and rental operations.Given the potential tax benefits and complexities, consulting a real estate tax professional is advised to ensure compliance and maximize deductions.This post does not create a CPA-Client relationship.

Purchased on 2/1/2024 for $58,500, we invested $55,000 in renovations to enhance the property’s appeal.

Unfortunately, the previous owners used the same lease for this garage space as they used for the residential units. 

Landlords will not be required to attach the Tenant Bill of Rights to residential leases until after it has been published.

Hi @Nicholas L. and @Chris Seveney a few weeks after my post, they did a part 2 for the survey and 2 days ago, the Zoning Dept. emailed out an update for the proposed policies.Here's their message:"We want to keep you informed and share a preview of the proposed Short-Term Residential Rental Ordinance regulations and express our gratitude for your invaluable feedback and participation in Phase I and Phase II of the Alexandria Short-Term Residential Rental Study.

I am hoping someone educated can chime in on my specific situation.I am a high income earner, owning a construction business that specializes in wineries and luxury residential.

My business partner owns a residential property in Seattle outright (the title is in their name and they paid all cash).

He was a past President of the National Association of Residential Property Managers (NARPM), he's honest, and he's a great businessman.