From the beginning of the discussions though Buncombe County has said that the regulations will only apply to STR owners who apply for a permit after the application window closes, meaning that you should have nothing to worry about if you buy soon enough and then apply for the grandfathering during the window of opportunity.

My involvement would go down drastically to where the only thing I'm doing would be funding the deals.  

Just trying to understand what is practical applying the same to a large RV or boat

I’m self managing myself but the tax side of it is a little confusing to me but I’m recording everything involved as far as maintenance, traveling, expenses etc. just want to know what some people would do in my situation or what to I can benefit from come tax season  @Angelo LlamasI recommend that you find a real estate accountant to help you understand and prepare your taxes.Bigger Pockets is a great place to find a real estate tax accountant. 

I would apply the cash flow to pay down the debt and hope to have significant passive income (or equity to put into something else) in 10 years.

I knew this 4 years ago and decided to build my real estate portfolio to get enough know how to finally get involved.

@Serge Hounkponou Recommend you first figure out the property Class you want to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

If so she can/should apply for a SSN.

I can see how this idea could possibly apply to other FHA requests too. 

Well, the exact same reasoning applies when you think of tax professionals.6.