The bookkeeping is good for some things like doing taxes or looking at reports of how things are performing, but it doesn't help much with budgeting and making day to day decisions for how to manage money.

According to passive activity loss rules, every business is obligated to adhere to specific criteria, especially when it comes to short-term rentals.

@Cristian Estremera I’d be happy to try to answer any specific questions you may have.

Let them know - as specifically as possible - what you are trying to achieve.

This is where you can go down the rabbit hole of where to find these deals…different philosophies and what is even realistic ect…this is super market specific and a whole conversation of itself….however still very possible as this is how I started out.

May be something for you to think about and double check whether or not it's the same in your area.The upside to this is that your returns can be great using a rent by the room strategy as long as you are prepared for the specific needs of the market.

Miami isn't a city; it symbolizes ambition and the joy of accomplishment.Lets delve into the specifics!

I'll bring a list of specific questions.

Also, you need to have a contingency budget for things you're not even aware of at this point. 

Specifically, key items will be pre-empted to the state level and new ordinances limiting rentals cannot be approved unless they were in place prior to 2014.