The property has to be considered 'in service' for you to list it on your tax return.In service entails a couple of items such as1) The property is in livable condition - Working bathroom, kitchen and an area to live.2) The property was advertised for rent.Best of luck

All the guest rooms have separate exterior entrances so we put keycode locks on those and guests get the code via text a day or two before they arrive. 

I am looking for suggestions on how to structure a partnership (short term) that will benefit him but allow me to be dissolve our partnership after a couple years as he isn't interested in long term holds. 

I've taken a couple webinars but dont remember a whole lot. 

This targets family’s between homes, either because they just moved to the area; have a definitive time work contract; current house is being rebuilt/remodeled/repaired; students with “rich” parents; recent separated/divorced who needs space for children visits; Houston medical center stays; etc.  

I specifically target (with my wording) luxury travel, nature lovers, beach goers and couples.  

As soon as a tenant fails to pay rent, you can file a complaint without waiting 30 days or issuing a separate notice (unless your lease requires one).That being said, it could be a waste of time/fees to run to court because tenants in NJ may come even on rent (even after you win the eviction case) and then they won't be evicted: “The tenant shall have three business days after service of the warrant for removal to pay all rent due.”

I have so many questions though.1) Can anyone tell me more about series LLC and whether it's necessary to hold each property in a separate LLC2) What are your thoughts on a trust, rather than an LLC - advantages, disadvantages etc?

They are more useful IMO for getting chunks of equity right off the bat thru value add and then either realizing that equity by flipping it and using for a down payment on something bigger or hold a couple years and then sell at that point to do that then. 

Double or triple that suckage for anything less than C+/B-   If you wouldn’t be willing to walk there from a couple blocks away at 10PM, that’s a hard pass in any market.