Some things to consider are: if minor maintenance is included, if they file the occupancy tax on the owners behalf, if they hire the cleaning service and if they "eat" the credit card fees or pass them onto the owner.

However, like other tax rules each situation is unique to each individual and there are regulations that must be followed for the deduction to be applicable.What is an Investment Interest Expense?

"Just try NOT paying your property taxes, you'll find out real fast who really owns your property".

I know it is logical to think you could deduct half of the shared common space, but unfortunately the tax law wasn't written to allow that.  

To me, it also depends on your state rules of liability, some open landlord up to easier liability than others for dog bites.

Hello tax experts, I have specific question on filing taxes for Short term rental property (30 days or less).

I've talked to one lawyer who looked over the title and taxes documents and said it's clear, but I don't fully understand what that means.

But if that Ferrari could bring in a return as an asset, rather than being a liability, and it puts a good amount of monthly cash flow in your pocket each month then someone with an entrepreneurial mindset and business plan for it should think about buying that Ferrari. 

Ususally they will carry workmans compensation if they have employees and general liability which only protects against property damage and physical injury.

LLC has more tax treatment options (taxed as a sub S) and better protection than a land trust, if managed correctly.