While an LLC offers liability protection, it does not change how taxes are reported unless treated as a partnership or corporation.

Learn the lawsDon't use a contract "off the internet", laws vary by state and are also regulated on a federal level Learn the financing techniques correctlyDon’t skip parts of the processDon’t ever do a “kitchen table” closingUse the proper deedAn attorney can help you with the legal work, but the rest you are on your ownYour guru will not bail you out“Investing” in someone else’s deal by providing a small 2nd loan so the “investor” can pay for “cash to the seller” and for “closing costs” so he can do the deal is a very bad planKnow what problems can ariseLearn the responses and solutions to problems before they are needed Know everything there is to know about Title and what that meansKnow who a "protected class" individual isLearn the "back doors"Learn human natureUnderstand timelinesUnderstand regulation enforcement (some of these "mistakes" have a 10 year statue of limitations ( they can charge you 10 years AFTER you do the transaction) and carry hefty fines and possible imprisonmentThe court doesn't accept "I didn't know" for an answer"Know that the source of the lead plays a serious role in some states and federallyKnow how much of a "profit" pushes the boundaries to invite an investigationYou can be sued by the seller if you don’t do things correctlyYou are automatically at fault if an investigator or attorney or regulator gets involved.

How do I protect myself in this situation, while also helping a relative? 

At the same time, they have heard from communities and citizens negatively impacted from STRs and want to "protect the sanctity and right of owners and residents" in their communities. 

remember, these are NOT conforming loans, so all the consumer protections one might be used to having aren't there.

Virtual offices in Spain usually include a professional fiscal and commercial address specifically designed to meet legal requirements and protect your personal assets.

Framing your position as fair such as explaining the difficulty of finding renters during off-peak months - might help maintain a positive relationship and reduce risks of property damage.Prepare for What’s NextEven if the tenant moves out early, ensure you’re protected.

In these instances typically the lender will pay it to protect their interests. 

The tenants should have renter's insurance to protect you.

Work with a real estate attorney to draft a formal agreement that outlines responsibilities and protects both parties.