The board can levy some hefty fines against you if you operate without it being approved for STR.

Hi Tom,Hard to know what your next steps should be without knowing your background.If you have zero real estate experience but have a strong business background, you can use those skills to become a syndicator, as long as you find a partner with operational experience.

I did speak with my RE Lawyer who drew up the LLC and Operating Agreement and my CPA and both seemed to be comfortable with the approach e.g Solo 401k Trust Account owns 25% of the LLC. 

You can find great operators, property managers, essentially build the team. 

I believe he is doing it for the prior landlord to generate more money off interest and such.Which is what I will be doing.

@Michael Joseph Allen II I can definitely show you helpful tips on how to generate leads/sales.

It's much less time consuming for you, and it also generates a sense of urgency among potential renters when they see others who are interested, too. 

I was doing some research and running the numbers is slightly different on the cost side:Insurance is likely more expensive for STRPM is way more (and I'd feel uncomfortable with most people doing this)Operating expenses for a hotelExtra CapEx for furnishingsUtilitiesThe revenue side seems really tricky and if someone can nail this down I'd love to hear their thoughts.

Flipping property (whole selling) is a lot quicker to generate a lump sum of funds.

I think there are two things that are at work here: 1) Investors over estimate how quickly they will get a property operating profitably and therefore don't plan accordingly 2) Turnkey Companies oversell their product and don't manage investor expectations appropriately by explaining item #1 to them.