Congrats on getting started with the STR business. 

It ended up being the main water line to the house that was old/rusted/damaged.

We see too many posters turn angry when they don’t receive the answer they want…….Here’s my bottom line.  

I want to find a way to get a revolving line of credit, or hard mony loan for this trailer house w 4 acres above.

In addition, they connected me to the preferred lenders who also helped with closing on the property within a short period time.

You would then have two loans, one on your home and one on the refi to access the equity on the investment home.Why not just use the refi cash out from your home loan for future deals? 

It would be reported as Gross Receipts on Line 1 of Schedule C.

My CPA was unsure... do you issue 1090-NEC for the difference between 1099-K and 1099-MISC or do you double up the income (i.e. 1099-NEC for gross rents from PM, 1099-K of the net owner distribution on 1099-K, then owner reports double income and puts a line item expense for the 1099-K since 1099-MISC covers gross rents).You need a new accountant lolPM issues 1099-MISC, not NEC for rental income paid to property owners.You would still issue the rental income paid to the owners regardless of the payment method.The Property Owners should add an expense line item on Schedule C stating that income reported twice on Form 1099 to offset any duplicated amount.

He is older and does not have a mortgage and there is a lot of deferred maintenance on the property.

An example is on one permit I had plans for electrical, plans for gas, plans for AC condenser.