Each Scope of Work (SOW) is unique to each property, as the specific needs of each flip vary widely based on the property’s condition, location, and target buyer.

Flipping during a bear market or high-inflation period can present some unique challenges, but it’s still possible to profit if you approach it carefully.

I am about to submit to the IRS my log of 500+ hours working in the STR business, most of which come from communicating with guests, cleaners, maintenance people, Airbnb, VRBO, and managing supplies, shopping, bill paying, pricing, calendars, all the daily and weekly tasks. 

@Gregory Schwartz I have a unique case here so let me explain.

You could even define quality metrics for some of these tasks to avoid a party doing subpar work (e.g., all guest questions must be answered within X hours/days).OWNER USE: What if one party wants to use the property during the highest demand time? 

The IRS doesn’t seem to have a problem with people who meet the material participation requirements even with only a few months left in the year, as long as the hours and tasks are well-documented.

But I’m open to approaching it differently, maybe with a unique commission structure that offers a hands-off approach while helping them with the gaps, like pro photos, MLS access, a quality CMA, and paperwork.Updating the BiggerPockets crew on the local market is another great idea.

There is a unique tax deduction in the US called a “conservation easement.”It was designed by the IRS to encourage real estate owners to make pristine land, that could be enjoyed by the public, a conservation ground, and thus un-developable.In return, the landowner could treat the act of granting a “conservation easement” as tax-deductible.

We specialize in working with REO, real estate agents & brokers, institutional & private investors, and homeowners, offering solutions that meet the unique needs of each project.At Nuovo, our core values are at the heart of everything we do:Vulnerability: We maintain open lines of communication, ensuring transparency throughout every project.Integrity: We approach every task with honesty and a commitment to doing the right thing.Innovation: We constantly seek new ways to improve processes and outcomes.Adaptability: We embrace change and are always ready to adjust to meet client needs.We believe in creating a fun, open, and trusting environment, both within our team and in our client relationships.

Your situation is unique and so is your partner's and we don't know what it is.