No, contracts and clarity are extremely important.

In the “guests” private feedback, you will likely get clarity about anything that is essential to address.

Hello BPers,I was looking for advice about setting up a good partnership with my brother-in-law. I am not an experienced investor. I have owned one single family home for about a year, which I bought with owner financ...

I would recommend crunching the numbers with both scenarios to give you better clarity on the outcome.

@Kathryn Bennett, Thank you for the clarity.

You are correct that the tax treatment of Airbnb business (emphasis on "business") is distinct from other forms of real estate investment - and that you should get clarity about that to incorporate into tax planning and investment ROI analysis.

Here are the numbers:Purchase price: $130,000Down payment: $32,500 (25%) (conventional)                             $26,000 (20%) (private)Interest Rate: 5% (conventional with principal and interest payments)                         10-12% (private with interest only payments with balloon at 24 months)Appraisal value: $205,000 (this is what it appraised for before any work has been done)                             $280,000 (estimated after reno)Rents: $1,400 (already rents for this before purchase with 2 of 4 units occupied)             $3,000 (once units are renovated for occupancy)Estimated Expenses: $1,300/month (during reno)                                      $1,700/month (after refinance)Estimated Cashflow: $-100/month (during reno while I live in flip)                                     $800-$1,300/month (after refinance, estimates are depending on interest rates and conservative estimate)Let me know if you need more numbers for better clarity.

Also worth noting for clarity; these aren't MFs. 

Fellow BP Members,This post is looking for inputs (or links to other threads I may be missing) regarding three inter-related issues (I do have an Attorney, Mortgage Broker, and Accountant...but sometimes I gain more clarity by reading a good BP post from accomplished investor).Example Scenario: I own two rentals in two different states (Rental A, 2-family and Rental B, 1-family) both as personal investment properties. 

Hi BP community,I'm hoping I might be able to get some feedback and clarity on a situation I'm providing help and moral support on.