It makes it easier to track that way.

Keep your WHY in mind in order to keep you on track and motivated.

Until you have a proven track record of multiple deals, you are going to have to work on building relationships with people.

I agree that the easiest thing to do is to turn this over to a tenured property manager with established/proven processes in place.

Was a student athlete so you can imagine what it was like having school, practice/games (events I was a track and field guy) and then work.

Beckie - You can ask your CPA for his/her suggestion, but I think the biggest item is to track your payments (from LLC to personal) on an excel file and make note at the end of the year of the interest versus principle paid on the HELOC (which the bank should give you during year end statements) - in that way, you may be able to write off some of the interest.

@Amy Raye RogersYou already got a good response.The only thing I will add is that you need to keep track of the mileage driven for the vehicle on an annual basis.I would recommend downloading an app that you can have on your phone which can track your business / personal usage.Best of luck

S-corps are pass-through entities.You earn and report income as the S-corp earns it.S-Corp do not have dividends, they have distributions.Distributions have to be tracked for basis purposes.Best of luck

If he handed it off to a full-service STR management company -- assuming a 25% fee going to them -- he'd cash flow $2,235.More detailsThe purchaseWe track the Airbnb laws in Colorado closely and just last year three cities actually opened up their rules to allow non-owner occupied short-term rentals.

But even that's almost impossible w/o a track record.