I found a deal through auction (3/3 1427 sf, Colorado) - $177K.I wondered if anyone had purchased this way before, and what landmines should I be aware of?

Any legal advice or pitfalls to be aware of when raising capital?

Sounds like you are aware of that already.

- Can foreign STR losses still offset W-2 income, or are there limitations I should be aware of?

Families were still staying in hotels, not aware that for around the same price, they could be in a private home with a pool. 

Depreciation helps offset this, but be aware of potential capital gains tax if you sell the property in the future and depreciation is recaptured.

Also, don't forget to bring up any off market deals you are aware of in the area.

Thank you all for contributing your experiences on this discussion to make our community aware of operators they should stay away from. 

You’re going to pay this entity more money than anyone else in your life.

If you're successful, that could mean that you will pay them millions over the course of your business career.
So who is “this entity?”
Th...

Just so you’re aware, it can take up to 3-4 weeks to obtain your notice of decision after the ZBA hearing and the 30 day appeal period doesn’t begin until the notice of decision is issued so you can easily wait 60 days from the date of your hearing to receive a copy of your zoning permit.