Check out this facebook group:  Smoky Mountains VR Owners Only

This article here on BP seems to contradict Ashish's post:https://www.biggerpockets.com/renewsblog/2015/07/0...On the other hand, one of the two CPAs I've asked agrees with Ashish and that reporting VR income on a Schedule E is fine, even if the length of stay is less than 7 days.

I highly recommend anyone thinking about or currently engaging in STR or VR markets in NC read and understand this NC Law Review document.

I've finally picked out our 1st VR property (about to make an offer) and need some advice to target market guests.  

I think the three best tips I can give on this topic are the following:Given the uncertainty surrounding the future regulatory decisions to be made regarding short term rentals; I STRONGLY suggest you make sure that the property would perform well enough as a long term rental for you to be able to survive a ban/moratorium on VR's.

If you were to pursue VR's, you'll have to learn how to build a great listing, price it properly, and how to leverage all of the major marketing channels. 

The first thing I'd caution is that VR is not the magic bullet many believe it to be.

:)V/r,Jesse

V/r Rich

If you already have a sleeper sofa, you can even just buy the air mattress kit for an existing set here:  https://www.airdream.net/ Highly recommend this solution for your guests that have to use a sleeper sofa for the additional sleeping spots in your VR or STR.