I don't think payment method has any bearing on giving a 1099 or not? 

Same goes for number of LLCs and what to fund them with, since bear in mind that CA tends to be more cumbersome and expensive to have LLCs than other states.California is generally more cumbersome than other states when it comes to taxes and filings.

@Tushar P.Form 8582 is a federal form and has no bearing on state returns.

Bear in mind though that, when people say their short-term rental is profitable, the question is how profitable.

@Mason Bear how do you know the seller financials aren't "massaged"?

The issue will be, are they writing in FL. 

I've seen many owners in Vegas get big fines for operating illegal STRs.I own 2 STRs in Big Bear CA which is about 4 hours away from Vegas - aside from buying something you can add value to, I'd absolutely recommend not getting into somewhere too remote that it's hard to find good people who can work on it.

If the occupant claims to have evidence authorizing them to occupy the property, then they should bear the burden of proving their case.

You think New York City real estate prices have any bearing on the prices in Smalltown, New Mexico?

I've been here 14 years and have seen the site ebb and flow, occasionally being taken over by over bearing folks with a gold star in their title.