But what you’re encouraging is that when I am 23, I should use the first 4 or so years just building a portfolio of LTR’s and then when I am 27, look into leveraging STR’s to meet the “Real Estate Professional Status” and “Material Participation” the IRS outlines, correct? 

To protect both parties in your partnership on a BRRRR strategy, you’ll need a **Partnership Agreement** outlining contributions, roles, and profit-sharing, a **Rehabilitation Agreement** detailing rehab work, costs, and responsibilities, and a **Loan and Refinance Agreement** specifying the terms for repaying rehab costs post-refinance.

All four of the options you outline I believe work in today's market and with the ability to refinance after a rehab, you may be able to break even or cash flow with an improved equity position. 

You're outlining the tasks before creating an SOP.

I just sent out a written notice over text, outlining the noise ordinance issue that is mentioned in the lease.

This living document generally projects 3-5 years ahead and outlines the route a company intends to take to grow revenues." - SBA  

I re-read it about 3 weeks ago and spent time working through the steps as outlined in the book and this time I got really excited about it.

I also have a VA Specialist lender that could outline how it all works.

Yes, your parents can take out a HELOC on their paid-off home to help fund your BRRRR, but it’s smart to have a contract in place to outline repayment terms and protect everyone involved.

In other words, you MUST renew the lease of the tenant, except for the rare few instances outlined in the law.