Hi Pearse,I would love to talk further about this offline, but house hacking and doing a live in flip is my favorite combo.

Here is what the IRS says on the subject: Election for Husband and Wife Unincorporated Businesses A business owned and operated by the spouses through a limited liability company does not qualify for the election Only businesses that are owned and operated by spouses as co-owners (and not in the name of a state law entity) qualify for the election.

I think there's a pretty low bar for competency in the management business because it's not glamorous and can be a grind.

I am here to create a business strategy that protects personal and business investments and mitigates risk,  procure a coach or mentor, and set up tax strategies to create long-term wealth for myself and my family. 

How do you approach educating people on the realities of the business? 

.: Quote from @Chad Hale: I used QB when first starting my property management business.

Sell your investment property and buy the land for your business. 

My wife and I are a team in our business too.

You’re running a business not a charity after all. 

Just my personal opinion - get a mentor or a person who already has good experience running STR business, preferably in your area (but not 100% required).