Following Up + More details: @carolineOur utilities were also opened using an LLC but since the power had actually been shut off the problem mostly came from ICE sending someone out to turn it back on plus installing a new style meter (which had to be approved by our HOA but that was another matter entirely and not particularly difficult).Opening a bank account with BCR as an individual is easy and you can get an atm card in about 3 days but you will be limited to holding only a thousand dollars in it.

Even if they do not, it’s not your legal responsibility.Long version: It actually depends on your method of payment, and it’s not always clear.Credit card payments: clearly not you problem, no 1099s needed.Zelle payments: you DO need to send 1099s for Zelle payments.PayPal, Venmo and Cash App payments: this is where it gets tricky.

It is very user-friendly for you as the landlord, and my tenants have had no problems using it as well.

Hey @Sara Valentine,It sounds like this is a common problem with many other STR and MTR operators locally and across the country. 

The city is in a desert so they have lots of space to build on, and the current problem is oversupply.

Usually if it is something no HoA I solve the issues but now the prolem is under the HoA mercy that seems to careless and the water damages are severe and scary on the photos.

Have a problem in the forums?

I removed the chimney and added modern HVAC, making it the only house on the block with it, significantly enhancing its value.

If one partner unconditionally guarantees the debt, this can sometimes require some side room guarantees to that partner to ensure no one recognizes a capital gain.As a few others have alluded to, there is a secondary problem known as a "debt financed distribution interest expense." 

But you have to understand you may get monthly cash in your pocket, but you'll have more problems and little appreciation.