Flipping a house typically involves holding the property for a short period, which classifies the gain as ordinary income rather than a capital gain.

I have my own lease and handle it with a paper document, that way I can walk the tenants through the property on move-in day with a move-in checklist and a short tone-setting discussion of what I expect from anyone who rents one of my properties.

In short, there are select cases where an experienced investor with a strong network can turn deals with low cash, but someone trying to get started with $10k-$20k is going to have a very hard time. 

@Michael Baum how many Short-term rentals do you manage this way where you are on call all the time?

What are your short term goals? 

This strategy showcases how buying directly from motivated sellers, renovating strategically, and selling retail can yield substantial financial gains in a relatively short time frame.

A couple of things I like to tell my newbies-Owning a short-term rental property can offer significant financial benefits.

These properties are now rented as long-term rentals, and we plan to expand our portfolio while also branching into short-term rentals.Looking back, I realize how much my current knowledge and experience could have fast-tracked our success.

California owners, should we increase our coverage, which should result in higher premiums?  

I believe that connecting with experienced investors and fellow newcomers will be invaluable as I navigate this path.I am particularly interested in short term rentals, multi-family rentals, and possibly fix and flips.