Then you need to materially participate in the activity, here are the tests to meet MP: https://www.investopedia.com/terms/m/material-participation-...I recommend tracking your hourly diligently in a material participation time log.

It worked for me in the past getting started 2016-2018 but I have not seen any deals (at least in FL) I would take the risk in terms of money and time.Best of luck!

Looking to buy and manage a short-term rental in East Boston or South Boston?

Potentially "flipping up" once or twice between now and then, eventually retiring to the property, or selling to acquire a retirement property there.I'm an experienced, long-time licensed agent in Atlanta and have done many fix and flip deals in the Atlanta area, but really don't have any experience with STR or MTR, especially in Fl. 

I’m interested in doing long term rentals using the BRRRR strategy, but curious to learn what others are doing.

My strategy is long term appreciation with breakeven cashflow (for now), so the question is what do you guys think is a better investment long term? 

You'll also want to know what the terms of the lease you are inheriting is and decide if you are OK with that.And sometimes, it is good to just walk away and put your effort into another deal that might make you as much money for less effort.

They are able to use the very advantageous terms and VA loan program to purchase homes that eventually become rentals properties.

Hi Jacklyn, I'm a VT realtor (though I focus on northern VT), and also on the board of the VT short-term rental alliance (VTSTRA).

It shouldn't be a problem to call and while I don't know the specific rules for Hawaii (probably something like a smoke detector in or next to every bedroom and a carbon monoxide detector in the house), rules regarding smoke detectors are not going to be "grandfathered in" (a term that building departments hate btw).