We said we would list the house and as soon as it was leased again we would prorate and refund for the remainder of the term.  

She booked for like one month and a half.

Initially we did a light renovation on the rental unit and a larger renovation on the 1st floor.

As you mentioned intentional flips are typically considered inventory-This means the income is ordinary income and as such: - Is not a capital gain, so hold time of 1 year does not change to a better long-term capital gain rate - Can not be invested in a QOF Deductions related to it can't be pushed or changed- all costs are accounted for with the inventory component 

if it's barely break even now... but needs 2 furnaces next year and a roof in 3 years and all new appliances now... that's not barely break even. 

another property to the portfolio, and a continued relationship with a live long client Lessons learned?

What started off as primarily a second home with the possibility of short term leasing quickly flipped to a STR first and a second home when not rented because demand is so strong right now for STR's in this area. 

We worked this out with our CPA and this was his recommendation so i recommend starting with 1 account and as you grow and scale talk to your CPA and banker to see what they are seeing other investors do and what they recommend for your situation

S8 prospects should be screened just like any other tenants and a Home Interview done at their current residence.5) The PMC is your most important team member!

A law suit runs about $25,000 and a year and a half.