If you do not report these earnings to the IRS, you can incur IRS penalties as high as $580 – for each worker ($290 for not sending it to the IRS + $290 for not sending it to the contractor)!

The city determines whether your investment can meet the three requirements mentioned above.

Of course your specific return requirements will vary, so figure out what the numbers are for your market, analyze them to determine margins and decide if that is an appropriate return for the risk you are taking.

I needed to find a passive real estate income stream that would work within the IRS’ self-directed IRA (SDIRA) rules.

That resume will determine your future.Prime example, buy a few lower than desired cash flow properties now and into the next few years vs. investing in a good yielding stock/fund at 7-10%. 

I recommend continuing to learn pros and cons of each and determine which paths (I pluralize it as you should diversify even across real estate).

I did not know of this time log requirement for STRs, so as a newbie I am going back through emails, texts, phone logs, invoices, etc. to determine how much time I spent on everything.  

Unfortunately, this kind of issue seems to happen more often than we’d like, especially with properties that have been operating in a way that doesn’t align with official records.I agree with others that working with a local architect and zoning expert is a great first step to determine if legalizing the property as a triplex is feasible.

Nolasco told me that he was told by the builder that the 'final' price can only be determined when 'verticalization' starts.

I'd be interested to hear how about this maximum appraisal potential is determined.