We know that it was appraised with a Specific Zoning Classification: R1-6 - "Zoning Description: Single Family Residence (Density Range of 5 To 5.5 or 6.5 w/Bonus)" and that the County Assessor recognizes it as such.Public Works has sent out 5 different inspectors who have given different reasons why it is multi-family (e.g. the casita has an exterior door; the casita has a sink; we could feasibly rent it out and the renter would need their own trash service [we have only one large trash bin in the alley shared by multiple residences]).

When trusting an individual or team with your hard-earned capital, you should do some digging to see if their business plan is based on a proven track record or wishful optimism.A good first step is googling the operator to see if they have a reputable online presence.

It is a proven fact that none of these strategies "work" yet so many of you are doing it!

Trying to get better with recognizing common themes.Again, thank you so very much for sharing your advice.  

Now, the actual mortgage is with a true rental real estate operation, holding a nice well understood LT lease, all things are as the bankers recognize them and are naturally comfortable. 

I don't think we as investors always recognize the fact that we are privileged to have 2 cars in a family.

***Not a CPA and no filing tax return experience for others***Specific to this example: Basis of the property acquired (B2) = Basis of the property transferred (B1) + Additional Consideration Given (In this case if property transferred was sold for P1 and that was the same amount used to purchase the property acquired then there was no additional consideration given)B2 = B1https://www.law.cornell.edu/cf...If, in an exchange of property solely of the type described in section 1031, section 1035(a), section 1036(a), or section 1037(a), no part of the gain or loss was recognized under the law applicable to the year in which the exchange was made, the basis of the property acquired is the same as the basis of the property transferred by the taxpayer with proper adjustments to the date of the exchange.

There are a lot of details that need to be worked out, but the general strategy is to sell your property and recognize the gain.

For us, the following softwares have proven useful in making our STRs more hands-off:- Pricing Tool: PriceLabs - dynamic, data-driven pricing tool that auto-updates your listings, optimizing income and occupancy by adjusting prices based on market data and trends.- Cleaner Scheduling Manager: TurnoverBnb - automates scheduling and paying cleaners at its core, but can also systematize guest check-out and reviews.- Channel Manager: Guesty - allows you to list your STR on multiple platforms (Airbnb, VRBO, etc.) and manage it all from one place.Hopefully this info is helpful, and I’m happy to answer any questions on self-managing STRs.I'm also curious - have you all had success with any other STR management tools/softwares?

Recognizing that occasionally there are items like the Great Recession that can impact your projections.