Your attorney should also determine if this is legal in the state(s) you’re lending in.

If a guest stays for one week in July, the owner can't legally rent to another guest until August and must leave their unit vacant for three weeks.

Do not rely on it for legal advice.

. ==== Projected Income ====**Off Season**-$4,000/Month Rent Period: September - May (7 Months) Projected Income: $28,000**Summer 1**-$8,000/Week Rent Period: June (4 Weeks)Projected Income: $32,000**Summer 2**-$8,500/WeekRent Period: July-September (12 Weeks) Projected Income: $102,000**Optional** (Basement Apartment)-$2,000/Month -Rent Period: Year Round Projected Income: $24,000TOTAL PROJECTED INCOME: $186,000 ==== Operating Cost ====-Mortgage: $84,000 ($7,000/Month) -Utilities: $36,200Gas $6,000 ($500/Month) Electricity $6,000 ($500/Month) Internet $2,400 ($200/Month) Garbage $5,000 (Estimate) Pool $4,000 ($250/Week)Landscaping: $4,000 -Mowing: $2,400 ($150/Week)  -Clean Ups: $1,600 (Spring & Fall)-Weekly Turnovers: $8,800 ($550/Week)==== Legal Cost ====Summer Rental Fee: $20,100 (15% of $134K)Sandwich Rental Tax: $6,855 (15% of $45,700) NET PROFFIT: $38,845.00

I would NEVER Ever use OBIE INSURANCE  --Not honest in their dealings and do not expect refunds on cancellations  I am of the opinion that they are legal scammers Just be careful

.- The TL states that those are technically the team's leads and I will owe the 20% if they convert within the year since I was given training (which I was not), lender referal (which was forced on me by the TL even though I work with my own lenders for my clients).Is the above statement true/legal/valid?

Your calculations should include utililies and repairs, legals, snow removal, etc.

https://www.biggerpockets.com/forums/51-tax-legal-issues-con...

Most are fine with that, but a few will have problems with it and claim there are legal issues, etc..

Ambulance chasing attorneys know their way around and can legally navigate around Insurance Policies.