This deal highlights the power of well-executed renovations and a strong partnership in achieving impressive profits.

You manage the headache of guests and communication, cleaning, etc. and he provides the property, but shares in the expenses and profits.

I have an 8+ac parcel in Dripping Springs, TX (outside of Austin) that has two small STRs built on it. Both units are approximately 400 sqft, "yurt-style" cabins with large decks. We have 2 full years of revenue histo...

From what it looks like builder does not want to take a loss and what to negotiate sale where they do not take a loss even profit, since they are selling improved lots. 

Paying off rental mortgages increases monthly cash flow but reduces liquidity, while investing in hard money lending offers high returns but is taxed as ordinary income.Buying a multi-unit rental provides tax benefits like depreciation, while purchasing a business can yield strong profits but requires active management.

Check their nightly rate, occupancy and amenities.That will give you a pretty good idea of need and profitability.

A knowledgeable attorney can advise here.Create a solid operating agreement: Since you own the condo with a friend, a clear operating agreement is essential to outline responsibilities, decision-making, and profit-sharing for the LLC.To save on costs:Look for real estate attorneys who specialize in investment properties and might offer package deals for the retitling, operating agreement, and filing the LLC.Shop around for title companies that can handle the transfer smoothly and provide competitive rates.Research DIY options for setting up the LLC if your situation is straightforward, though I’d still recommend a lawyer for the transfer process itself.Good luck with the process!

@Matthew Cook I would NOT pay for the renovations unless I was on title or had a very formal contract written about the split of profits.

Feel free to inquire about their staff qualifications if it's a larger organization.2.

@John Perkins Help you find lenders that can increase your profitability on your projects and perhaps help you scale!