You will file a 990-T and there are plenty of services out there to help with this. 

So make sure that you read the HOA or condo association rules seriously before any commitment.

There is no doubt that on a one off basis you can do it cheaper, but having the infrastructure to turn 5, 10, 25 or 50 units in any given month is not simple and requires a real commitment.

Be sure to look at the property taxes going back several years before you commit to a purchase.

This would be a ten year initial commitment of my IRA converted Roth IRA dollars.  

The author and article suggests to utilize the climate risk data before committing to an investment and be familiar with specific risks in your area—whether it’s floods, wildfires or heat waves.They recommend these valuable tools to assess these risks:FEMA National Risk Index – Provides a comprehensive overview of natural hazards across the U.S., including floods, earthquakes, and severe storms.USDA Wildfire Risk to Communities – Offers detailed insights into wildfire risks for homes in specific regions, particularly useful for properties near forests or dry areas.Risk Factor – Analyzes flood, fire, and other climate-related threats for individual properties, giving you a risk score.Climate Check – Delivers property-specific climate risk ratings, covering heat, drought, fire, and floods.Do you consider environmental factors like flood and heat when investing?

Quote from @Henry T.: My CPA says STR "A" can only deduct expenses for STR property "A", and only up to income level.

Don t confuse personal debt with business debt.

There is no 'crime' committed.

But everyone that makes a commitment, and truly utilizes the community, will get accelerate their multifamily journey and begin the path to financial freedom.