@Kirk WatkinsPartnership entities have so much flexibility that you can literally allocate income/losses in anyway shape or form.You just need to find the partner to agree to the terms that you want.You would then need to find an attorney to draft up the operating agreement/partnership agreement.

Start to attend COIN, COREE, Columbus Multifamily Investors Meetup, and Columbus Deal Makers Sessions (if you haven't already).

You’ll be cashflow negative equivalent to the interest of the HELOC.Purchase price: 500kHeloc: 120k (20%) - approx $500 monthly interestMortgage: 380k - Approximately approx $2000 monthly interest and principalAll other operating costs (condo fees etc.): $1000In this scenario let’s imagine that you might be able to get 3k (doubtful but lets dream!)

The only LOC you're going to get is one attached to a stable asset (such are your primary residence), or a Business LOC if you have an established, profitable business that needs operating $Good luck!

@Joseph PuglieseIf your business is accrual basis and previously accrued the revenue and included it in taxable income, yes you could write off the bad debts.If cash basis, you don't get to write off revenue you never received as you never were taxed on it in the first place.There are extremely limited exceptions to this, particularly if you're cash basis and recognized the revenue under constructive receipt, however I suspect your fact pattern is not that complicated.You can deduct your normal operating expenses of the rental.Your CPA is best equipped to help you deal with this.

I think this is going to be a game changer, as with these rates, it is not possible for an average Airbnb operator to make money. 

I assume that you don't have to operate this car wash. 

Those operate more like NNN leases.

We are Airbnb Superhosts, and currently operate 4 listings (3 of which we own) in the Cleveland, Ohio area and know what it takes to have an awesome listings that has high occupancy and becomes a CASH COW!

Do I have to just go by what the turnkey operator presents as the home's value and condition?