Make sure to have all funding and budgets in place prior to commencing construction!

As I was preparing my taxes, my tax professional advised me that management LLC is redundancy and it doesn't make sense to have, it's like moving my money from one pocket to the other.

Consider factors like potential tax implications and long-term financial benefits before making a decision.

If you know you want to get into STRs, find properties in your market or market of interest that are managed by Vacasa and Evolve that are underperforming and have guest feedback indicating the the customer service from the host was poor (as it usually is with the big national STR PMs), look up the owner's name on the county or city tax records, and cold call or text them.

You should leverage the paid off property that you have by doing a cash out refinance and then use that to buy a new build for $300-350k putting at least 25-30% down, you can find these that will rent for 7% (annual) of the purchase price and have very low property taxes and insurance.

Current expenses are $1300 per month (water, sewer/septic, taxes (property and 10 homes) and insurance (liability and homes).   

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.

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.  

Research more comps prior to purchase.

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