I personally like the buy-and-hold strategy and we help clients who share this long-term, wealth building mindset. 

I personally would not invest in detroit as historically its not a appreciating market and for cash flow and I invest primarily for appreciation - I go off the location location location mantra. 

That is a great post, and I'd love to follow up and see how things went for my own personal knowledge. 

There are conditions that must be met.Also, I believe the taxes are higher in Richland County than Lexington County, but I don't like there, so I don't have personal experience with that.

I financed the acquisition of the land with personal and private money.

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

Which is very complex and costly and likely warrants professional help.Now, if it's just you and your spouse, then your 2024 tax preparation is likely relatively straightforward:- you will create a Schedule C on your personal tax return- you will NOT report any costs of purchasing the property or its rehab, not in 2024- you will report your business overhead expenses such as marketing, driving, technology etc- you will end up with a business schedule showing zero income and some expenses - not breaking the rules but potentially raising an audit flagCan you do it yourself?

Just my personal opinion - get a mentor or a person who already has good experience running STR business, preferably in your area (but not 100% required). 

Personally, I advocate for a long-term investment strategy and would recommend investing the funds, provided you are comfortable with the expected return on investment over time.

Even if you personally have just a modicum of design aesthetic sensibility, after reviewing 20 or 30 properties, you will quickly be able to get a sense of the winners.My 2 cents,Mike