Two flats are essentially just houses.... they trade like houses and there is a lot of emotion involved.

If I read this correctly, this essentially changes the 2 of 5 rule to 2 of last 10?  

This is essential to running these profitably.  

Research the Market:It's essential to comprehend the local real estate market before you start flipping residences.

It’s essential to screen tenants carefully to minimize vacancies and ensure reliable rent payments.4.

It sounds like you have a lot of experience in this space, and I'm always interested in learning more.I think one takeaway is that this is a difficult asset class to own and operate, and just like @Jay Hinrichs mentioned, having a great team is essential!

Meeting the 100-hour material participation rule qualifies your STR income as active as long as no one else participates more than you, This will allow losses to offset W-2 or other active income.While there’s no official IRS form to track hours, maintaining a detailed log is essential in case of an audit.

3️⃣ Local Regulations: Before you invest in a short-term rental, it's essential to understand the local rules and licensing requirements.

It is essential to have a great team. 

Using a large RV or boat for business purposes offers potential tax benefits, but it's essential to navigate IRS regulations carefully.