Additionally, the limited rental period may not significantly impact the gain, but it’s essential to confirm whether any prorated exclusion applies or if the IRS rules regarding converting a primary residence into a rental property could affect the tax owed.

This documentation will be essential if you decide to pursue legal action.3.

If you refinance it as your primary residence, then yes, you will be signing a new Mortgage at closing that says you intend to occupy for 12 months, essentially resetting your clock to another 12 months.But here's the huge kicker.

Having thick skin is essential in real estate investing.

I essentially get 60 payments on the back end of the loan for free.

Given that you have a W2, you most likely do not qualify as a real estate professional since it has to essentially be your main gig. 

However, there are some challenges to keep in mind:Regulatory Variations: Regulations can vary widely between locations and are constantly evolving.Active Management: STRs require more hands-on management for guest turnover and communication.Additional Costs: Don’t forget about expenses for furnishings, cleaning, and possibly hiring a property manager.If you’re looking for STR-friendly areas, consider these locations, as others can be too expensive to consider, such as Snowmass Village or Aspen:Breckenridge: The most visited ski resort in North America, attracting around 3 million tourists each year.Steamboat Springs: A popular year-round destination for winter sports and summer activities.Keystone: Great for those wanting a less crowded resort experience.Divide & Florissant: Charming mountain towns close to Colorado Springs.Fairplay: Just 30 minutes south of Breckenridge, with an impressive 82% Airbnb occupancy rate.Cripple Creek: A former mining town now known for casinos and outdoor activities.Park County: Very Airbnb-friendly, though regulations may change.Here are some strategies to help you succeed in the STR market:Hybrid Model: Consider using some units for STRs and others for long-term rentals to balance income.Research Local Regulations: Always check the current rules in your target areas before investing.Year-Round Appeal: Focus on locations that attract visitors in all seasons.Quality Furnishings: Invest in quality to justify higher nightly rates and attract better guests.Dynamic Pricing: Use pricing strategies to maximize revenue during peak seasons while maintaining occupancy in the off-season.Stay Flexible: Be ready to adapt your strategy as the market and regulations change.While Colorado’s STR market offers exciting opportunities, it’s essential to approach it strategically.

So if I understand this correctly they essentially get to build a better score because they are an authorized user on your account but they never actually get to use the cars, is that correct?

This journey has been a testament to the power of action and perseverance.Key Takeaways:1.Education is Essential: Invest in your knowledge and seek guidance from experienced mentors.

Having a team in place is essential to long-distance investing.