First year has been tons of learning and despite all the research and preparation I did, I still did mistakes and learned things the hard way.

It seems like every city, county, and state has its own rules, permits, and tax requirements for short-term rentals, and I’m finding it overwhelming to navigate all the different layers of compliance.For example, some places require business licenses, transient occupancy tax permits, or even special zoning approvals.

See what is possible thru Special Use or Variance permits.4. 

@Colin Ford recommend getting experience with your RI duplex before going OOS.You should DIY manage the unit next door, so you LEARN about property management, the goog, the bad and the ugly.Then you'll be so much better prepared to invest OOS!

Syndication Reporting IssuesMissing Form 8918 for reportable transactionsInconsistent investor disclosuresRequired registrations skippedWhat Doesn't Actually Matter:(Despite What Your Uncle's CPA Says)Special AllocationsNormal promote structuresStandard waterfall provisionsTypical developer promotesReality: Unless extremely aggressive, IRS rarely caresTechnical DocumentationMinor §704(b) gapsCapital account glitchesTechnical allocation languageTruth: Unless hiding something biggerProperty Value AllocationsNormal basis step-upsTypical appreciation splitsStandard promote calculationsReal World Example:🏢 100-unit apartment complex4 partners, $5M dealDeveloper promote structure= Zero IRS interestSame Deal With Red Flags:🏢 100-unit apartment complexHidden partner arrangementsArtificial loss allocationsUnreported debt shifts= IRS AttentionPractical Protection Steps:Basic Documentation✅ Clean operating agreement✅ Economic substance✅ Partner contributions tracked(Don't need War & Peace complexity)Economic Reality✅ Allocations match economics✅ Real money movement✅ Actual partner participationClean Reporting✅ Consistent K-1s✅ Required forms filed✅ Clear communicationThe "Sleep Well" Test:Can you explain your structure to an IRS agent without sweating?

If you're already stretched thin and expecting to hit 15-20 properties by year-end, hiring by summer makes sense, specially if revenue can support it.

There should be some financial advisors or real estate attorneys on here around your area who specializes in hospitality ventures and might provide valuable insights tailored to your situation.

We have an investor running a special next month on 10% down second homes where the cost is 3-4 points cheaper than it would be, on a normal Fannie/Freddie loan. 

I specialize in STR & Co-living concepts, which I recommend for the highest rental income potential! 

Hey Alex,We specialize in working with foreign nationals and offer loan programs that don’t require US citizenship.