I called the guest prior to check-in and asked how he wanted to pay for the deposit and we did it via paypal.

First thing I'd do is check comps to get an idea of the demand and rates you can charge for your condo as a MTR.

We use Zillow applications to pre-select and run a full background check on mysmartmove only with the final candidate.

Quote from @Joshua Alcantara: Quote from @Peter Walther: I've found many properties with title issues wind up with unpaid property taxes so checking on delinquent taxes, tax deed sales and lands available for taxes might help you identify some.Thanks, Peter, for the info!

Keep receipts for all your expenses for federal taxes, keep the deposits in a seperate bank account. 

@Scott Trench accountability check in?

Be mindful that there are rules that the lenders want you to check off.Furthermore, there are other rules on the tax side where you want to normally be under to get the most tax benefits.The magic number in both instances is '14 days'Lenders want you to stay atleast 14 days to meet the secondary home requirement.The tax accountant normally wants you to stay less than 14 days or 10% of the days it was used as a rental to treat it as a rental and not as a personal residence.Best of luck!

. - Early check-in/late check-outs, pet fees, etc.- Cross-platform bookings (Booking.com, VRBO, Furnished Finder, etc.)The average monthly profits we've gauged per unit is $782/mo - this accounts for some months being in the negative and some months making substantially more due to seasonality.$782 x 36 = $28,152/mo cash flow$28,152 x 12 = $337,824 yearly cash flowGiven the extreme variability of the revenues associated with each unit size and style (Studios,1bds., 2bds., etc.), it's a bid difficult to walk through each individual revenue / profit projections since there are variables to every short-term rental (amenities, style, location, etc.).

My CPA was unsure... do you issue 1090-NEC for the difference between 1099-K and 1099-MISC or do you double up the income (i.e. 1099-NEC for gross rents from PM, 1099-K of the net owner distribution on 1099-K, then owner reports double income and puts a line item expense for the 1099-K since 1099-MISC covers gross rents).You need a new accountant lolPM issues 1099-MISC, not NEC for rental income paid to property owners.You would still issue the rental income paid to the owners regardless of the payment method.The Property Owners should add an expense line item on Schedule C stating that income reported twice on Form 1099 to offset any duplicated amount.

Holds you accountable and kinda forces you to work it.