We have a lot of investors that rent space  as Airbnb (limited to 400 units)  and room space to students from a local ministry school, as well as others looking for more affordable options.  

We spent about $9,500 on furnishings including furniture, electronics, kitchenware, bedding, towels, etc. for our 2/2 condos.Lastly, Furnished Finder is known for providing tenant leads for travel nurses (about 40% of their travelers are nurses), but a broad range of professionals, relocations, students, and others use it too.I hope this is helpful to you, all the best!

I've been researching this quite a bit and am looking into acquiring an STR that I would actively manage and would keep average stay at 7 days or less. I would like to meet the requirement of spending over 100 hours o...

Has anyone here participated in the Wayne County Treasurer's Auction of Tax-Foreclosed Properties?

If they can’t provide evidence of this, or a Visa (student, etc) that authorizes the duration of their stay, then they’re here illegally.

The house is rented to college students, with the parents paying and dealing with everything.The house had a burst pipe and water damage in the shared bathroom in August of 2023.

Apparently, the Chicago Housing authority provides a one time incentive equal to the first month rent to first time owners participating in the program.

However, this is a difficult qualification to meet, especially if you have a full-time job outside of real estate.Don’t worry if you aren’t able to qualify for REPS status, because there is another strategy that is referred to as a “loophole”, which is the STR strategy.Per Section 1.469-1T(e)(3)(ii)(A): there are six exceptions where your rental property income is not automatically considered to be “rental activity” and thus may unlock the door for being able to offset these losses against your active income.The average customer use is seven days or less.The average customer use is 30 days or less and significant personal services were provided (for example, daily housekeeping).Extraordinary personal services are provided, regardless of the duration of customer use.The rental is incidental to a non-rental activity.The property is available during defined business hours for non-exclusive use by various customers.The property is used in an activity conducted by an S Corporation, partnership or joint venture in which the taxpayer holds an interest.If your property qualifies by meeting one of the exceptions above, the next step is to demonstrate material participation in the rental activity.

.- They must be pretty desperate for participating landlords in your area!

How is that any different than someone renting rooms to students, seniors, etc. ?