Under the IRS rules, a person  qualifies as a real estate professional if: (1) more than one-half of the personal services the taxpayer performs in trades or businesses during the tax year are in real property trades or businesses in which the taxpayer materially participates, AND.....(2) hours spent providing personal services in real property trades or businesses in which the taxpayer materially participates total more than 750 during the tax year.Like @Greg Scott and @Russell Brazil mentioned above, I don't believe that you would qualify as a REPS, but if you are going to try it, make sure you document it very well (i.e. with some kind of proof, like time cards, mileage forms, and/or receipts, etc.) so that just in case you do get audited, you at least have something to provide to the IRS agent. 

The monthly payment isn't going to get bigger, all kinds of crazy taxes to get out of the real estate eroding the payments you do receive every year and no opportunity to participate in appreciation. 

Curious if anyone else has done 30 day rentals and what kind of traction or performance they’re seeing?

It's really difficult to find anyone good for any kind of work sadly.

These are not the kind of homes that are going to cashflow for you. 

Depending on the situation, that might be kind of high so I'd ask for a higher rate option.

That doesn't sound like any kind of bargain to me. 3.

It would not be prudent of me to not want some kind of coverage for damages to the property given the investment being made on the property and it's value. 

You want an LLC for ease of administration, trusts are kind of annoying as they can act as their own taxable vehicles as opposed to single-member or pass-through entities that an LLC can provide.

Exactly what kind of notice and how long, Nolo Press has the answer.