There is some room for creativity here, but it takes careful planning and execution, and there is only so much you can push it before crossing the line from aggressive but legal to reckless and punishable.GROUP 2: Tax strategies that do not belong on the EOY to-do listForm an S-corporation.

I only ask because the main purpose of an LLC is legal protection, and if you don't have a large amount of assets to protect, say less than $1M...you may be putting the cart before the house, and it may make more sense for you to focus more on finding and closing more deals.

Overland Park, KS vs Kansas City, MO) Very landlord friendly, worst case eviction is usually 8 weeks + $500 + lost rent (cannot comment on individual cases and this is not legal advice) Large diverse metro area - variety of jobs, companies, people can have a career in KC.

I’m currently looking into the best ways to structure guest payment flows to ensure legal compliance (that may restrict non-licensed property managers from collecting rent directly) and seamless operations.

This is why I stress the importance of knowing the laws and the strength of the legal system before investing in a particular market.

@Vince Nguyen Yes you can absolutely do that, but there are lender specific guidelines you have to meet. 

Did you have any ratios or % gross revenue costs to just get some guidelines on whether the property makes sense as an str? 

Myself I think if one wants to get into real estate in CA you get into the bizz you get licensed so you can legally collect fee's you put in the hard work like most wholesalers have to now..

I'd have them sign my own lease on renewal and I'd make sure I had enough information on them so I can go after them if a legal issue arises such as employer and other similar data. 

Keeping your license and avoiding any legal issues is probably worth more than this one transaction.