I would suggest starting with reading the IRC book all the way through multiple times.

I guess that is implied in the chronological order of the book, but I dont see a 1-2-3 step-by-step process.

I'm working on my first transaction.... we shall see.  

I've read BiggerPockets' Real Estate Investing book and am particularly interested in the house hacking strategy, as I'd like to move out of my current living situation.Our main dilemma is choosing between a single-family home (renting out one room to a close friend) or a multifamily property like a duplex or triplex.

I would like a book or program recommendations in order to learn how to purchase and manage the extended stay hotel.

I also watch occupancy rates and adjust if bookings are low.

It's your books to report how you want, and to me it's not not illegal at all to do what you are doing.

Last short term rental we put on the market was booked for a 30 day stay first day on the market.

I had two lines of credit one unsecured for 5 million ( check book) and another for 10 million that we would secure them up with .. but you need time to do that bank required appraisal etc before we could tag the secured line and even at that they only lent 72% in these commercial loan structures..

Close to a cool little town, close to an area attraction, etc....Also do a search here and see how to screen guests, in addition to what the hosting sites do.... like no last minute bookings, no short stays....