(If they are in fact limited partners in LLC, they are subject to Limited partners provision I mentioned above in the first reply)Thompson applicability is somewhat limited even in the LLC's world (not LP in the syndicated deal) in that it involved a taxpayer who was both a 99% direct owner in an LLC and its only manager.

The great thing is it’s turn key, already set up as a STR and owner will pass over current listings, and it comes completely furnished!

You go to contract with the owner for X then you go to contract with the buyer for X +, so YES two contracts.  

To have your activity qualify as material participation, you must meet one of the following tests:-Work more than 500 hours in the activity (a married couple can count the involvement of both spouses to meet this test)-Do substantially all the work in the activity-Work more than 100 hours in the activity, and no one else worked more than the taxpayer (including non-owners or employees)-The activity is a significant participation activity and your total time in all significant participation activities exceeds 500 hours-You materially participated in the activity in any five of the prior ten years-You materially participated in a personal service activity for any three prior years-Based on all facts and circumstances, you participate for more than 100 hours in the activity on a regular, continuous or substantial basis during the yearPractically speaking, this means you’re doing the work on your rental properties rather than hiring a property manager.

You can find one list on the Neighborhood Building Owner's Alliance website.

As I step into this new venture, I would love to hear all insights and network with other owners in the same industry.

Hey Alan, Antoine here (owner of FlipSystem and MartelTurnkey).

If your Register of Deeds is online, you can also search the owners name to find the recorded mortgage[s] against the property.

I reached out to the owner and initially he wasn't interested in selling but i set a reminder in my calendar to reach out in exactly one year.

Thus, again, raising rents by 3% or 4% each year is imperative.Anyway, the PM told them it would be 10% a month gross rents, and the owners got very angry and upset.