We are currently searching for land and boy can I tell you I feel like the FBI with what I'm having to do to find land and contact these owners lol!

Sellers motivation shouldn't factor in what you can afford, thats a bonus if they will negotiate, but your numbers have to make sense to you and work out for multiple exit strategies (str, ltr, sell etc)Running the purchase numbers is pretty straightforward, use almost any online mortgage calculator, make sure you know taxes and insurance (taxes will go up a bit if it is currently owner occupied and you don't plan to live in it) Once you know your mortgage amount then start looking at other STR's in the same area and same size/amenities and see what they are getting per night and how many nights a month they are rented to calculate what you MAY be able to get.

The great thing is it’s turn key, already set up as a STR and owner will pass over current listings, and it comes completely furnished!

You go to contract with the owner for X then you go to contract with the buyer for X +, so YES two contracts.  

I am new to this site/forum but have been listening to the podcast and am learning so much.

To have your activity qualify as material participation, you must meet one of the following tests:-Work more than 500 hours in the activity (a married couple can count the involvement of both spouses to meet this test)-Do substantially all the work in the activity-Work more than 100 hours in the activity, and no one else worked more than the taxpayer (including non-owners or employees)-The activity is a significant participation activity and your total time in all significant participation activities exceeds 500 hours-You materially participated in the activity in any five of the prior ten years-You materially participated in a personal service activity for any three prior years-Based on all facts and circumstances, you participate for more than 100 hours in the activity on a regular, continuous or substantial basis during the yearPractically speaking, this means you’re doing the work on your rental properties rather than hiring a property manager.

(If they are in fact limited partners in LLC, they are subject to Limited partners provision I mentioned above in the first reply)Thompson applicability is somewhat limited even in the LLC's world (not LP in the syndicated deal) in that it involved a taxpayer who was both a 99% direct owner in an LLC and its only manager.

If you go to their site TREIA has their main meeting tonight and a Rocky Mount meeting on Monday.

As I step into this new venture, I would love to hear all insights and network with other owners in the same industry.

You can find one list on the Neighborhood Building Owner's Alliance website.