Yes, that's why  want to be prepared and knowledgable before applying.

It should also ease your mind and let you sleep better when you realize that you have a series of countermoves prepared to combat adverse scenarios.

So many folks are out here touting making millions with $0 down and you proved that even with all the due diligence and good investing sense, you have to be prepared and take risks that are proportioned to what you can withstand.

Specifically, has it changed their tax preparation bill since they can't just send their Quickbooks file over to their CPA?

If you have a regarded tax entity, e.g. partnership, S Corp, C Corp, you need complete financials -- P&L and balance sheet to adequately prepare the tax returns and answer tax related questions. 

If there's any existing balance on the HELOC when you start, just remember that those interest payments and principal payments (if any) are NOT part of his scenario.Now, tell me how wrong I am, but be prepared to explain why.David:The HELoC is a bit of a strawman in this example.Back to my earlier question, why not simply increase the payment on the mortgage note by $300/month and dispense with the accumulator and lump-sum payment of $3000 every 10-months?  

This could free up more cash flow to reinvest in your deals.But here’s where it gets interesting: making the transition to an S-Corp can require a more organized financial structure, which includes separating your accounts, keeping clean records, and being prepared to pay yourself a reasonable salary as the business owner.

Be prepared to start a lawsuit.2) File a complaint with state's Board of Realtors3) File a complaint with state's Attorney General's officeSince these are unlikely to be permanent solutions, you'll also want to start searching for another PMC.Recommend you speak with @Russell Brazil

That fills your unit for the winter and buys you time to prepare for the next time.

If I can get 2 different renters in before Jan 1 2025-is still possible by obviously getting a cost seg.Also, would all of the house hunting, going out to see properties, research (calling city for license/map searching) and buying the furnishings count toward the 1 of 7 qualifications IRS demands in addition to the 2 Airbnb bookings-preparing home, cleaning, set up etc?