They have a property that has been in renovation mode for over a year, but they are still selling shares for it with no plan on how or when to get it rented and creating dividends.

Quote from @Cody Scherle: There's no need to create an investor identity, set 5-year and 10-year goals, or any of that nonsense.

Keep your business, your love life and your next move within a very small circle...and continue to create the life you want.  

Ask your accountant to read Regs 1.469 and CCA Memo 202151005.You can have Nonpassive Schedule Es under certain circumstances but it appears he is listing it as passive, therefore creating suspended losses.Here is a previous thread: https://www.biggerpockets.com/forums/530/topics/1056436-clearing-up-confusion-on-tax-treatment-of-short-term-rentals

I have some questions about the material participation rules for the STR tax loophole.

I don't want to fix up the LA property and maintain it with tenants especially as it's subject to a lot of HOA rules.

Furthermore, being flexible and adaptive in your real estate transactions may be achieved by creating a contingency plan for both scenarios.

Generative AI is creating new opportunities for property design and marketing, while analytical AI is enhancing investment strategies.Pioneering Solutions for Real Estate ProfessionalsAmidst these changes, solutions are emerging.

Hi Laura, Here's my advice Attend Real Estate Networking Events, Join Online Real Estate Communities, Utilize Real Estate Investment Clubs, Network with Real Estate Professionals, Create a Professional Online Presence, Utilize Referrals, Partner with Experienced Investors, Attend Real Estate Auctions, Offer Value, and you know what's the last?

The 1% rule is very hard to find now with interest rates, but it was a good basis to quickly see of a property would work.