This means that if anything goes wrong with the property—like a tenant getting injured or a lawsuit related to the rental activities—the LLC, not you personally, would be the one held responsible.

I'm interested in learning a bit more about typical vacancy percentages, size of the local population being serviced, reasonable percentage of effective gross income for expenses, etc. as well Peter.Hopefully some experienced member(s) will sound off!

Since posting my STR for sale on a STR Facebook page, I have been bombarded with requests for financials.  

Even if that is not your intention, the IRS could decide that is what it was which would mean that the seller would have lost his 1031 ability since he "sold" you the house when he accepted the first payment.

You are required to file a complete and accurate return, which means reporting the income that you earned along with atleast the direct expenses that you incurred on your rental.There are two comflicting forces - Your tax accountant wants to be aggressive with deductions because it will entitle you to paying less taxes(now or in the future).Your lender wants to see as much income as that will increase your Debt to Income Ratio(DTI).The good thing is that you can speak with your lender about 'one time expenses', that were only incurred in that year and are not reoccuring. 

@Shivani Brijmohan, while I cannot speak to NY, I will say in general:You should know how the property will be reassessed when you buy the property.  

Some of the fluff is enormously helpful.

This is a great place to learn and to connect with people so take advantage of all the great resources.

The Airbnb paid for almost all the expenses of owning the home and my "rent" was just putting $200-300 away each month in savings for maintenance and capex.

Do I send them a letter, and then follow up with a phone call?