If you provide any kind of substantial services like catering, car service, etc you will change you tax situation and no longer can file under Schedule E.

A lot of it has to do with location and time.If they are local owners looking at 1-2 LTR properties, I'll assist with identifying cash flowing/near cash flowing properties, assist them in the purchase as their buyers agent and assist with tenant procurement, listing, etc. but they can typically handle day to day management from there.Furnished properties, whether that be MTR or STR, are a lot more involved, as I'm sure you're aware of!

This raises a question because we had a lease agreement on file showing a rental amount of $2,000 per month."

TIAOne can walk away, or file legal actions.

Quote from @Abhijit Roy choudhury: Financial Crime enforcement Network, requires reporting of Beneficial Ownership Information filing by 01/01/2025.Does this apply to us, Rental LLC owners.

Keep personal and business finances separate to create less headache.You should also do the following to make your bookkeeping easier:- File all receipts in a dedicated Google Drive folder.

Between the two of us, we are pretty involved in real estate.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

The requirement to do this generally involves an experienced GC signing on the borrowing entity as a 20+% owner thus making them a signatory on the loan and responsible for the debt which in most cases is not very easy to find.

I have 30+ units and on a regular month usually only spend about 5 hours total on management things, most of which involves collecting rents and bookkeeping.