These types of agreements can get a little in-depth, but that is what you want for your protection and that other partner.

This gives you a more realistic picture and protects you from unexpected surprises.

Many people in consideration of #2, take steps to protect the assets so that Medicaid cannot take those assets like a home.

Not a normal moderator who makes sure that people who post are posting according to the rules, but an advanced moderator that is an authority on all things that he doesn't do himself, and one that can protect the unsuspecting new investor from dangerous partnership structures and people like me, Jonathan, Don and anyone else you may have on your list. 

A lawyer might be able to answer this better, but most rentals fall under fair housing laws (there are exceptions) and that protects against discrimination based on familial status which means children or someone who is pregnant.

Additionally, have a clear budget, factoring in potential repair costs, and ensure you understand the rules about earnest money deposits and closing deadlines.LLC for Real Estate Investing: Forming an LLC for rental properties can offer liability protection and may provide tax advantages, though the tax benefits are non-existence for rentals.

This agreement with your general contractor acts as a roadmap, with clear expectations and protection for all parties involved.One frequent mistake is the failure to include sufficient detail or being too vague.

That being said, anything can happen, but if you run your numbers accordingly, make sure that your contractor is trusted and do all the other stuff you'll be a little more protected than the next person flipping that does not do this type of calculation. 

If you do, work to protect it! 

At the same time, they have heard from communities and citizens negatively impacted from STRs and want to "protect the sanctity and right of owners and residents" in their communities.