Have you read up on their by-laws to see if you need to use in house management or any other rules?

I originally purchased this house to be nearby my grandmother in her last few years but realized quickly that it was a prime area for short term rentals as there are no zoning rules or permits necessary etc.

@Carleton T.When I partner on deals, the way I typically do it is put the house into a Land Trust and have the beneficial interest of the trust spell out the percentage of ownership.

Unless you can convince the lender to do a seriously low short sale, I'd take a hard pass on your relative's problem.  

I have had success, flipping, BRRRR'ing and house hacking in all these towns so any strategy could work.

I already own an LLC (residential contractor) and understand the liability benefits of running this deal through the LLC.I'm only asking about the differences from a business perspective (taxes, showing the income as business income vs. individual income, etc.).

Because I live in the stupid litigious state of California and I don't want my house locked in probate if something should happen to myself and my wife.

Purchase price: $584,000 Cash invested: $116,000 This pet-friendly 3-bedroom, 3-bathroom house overlooks Aunt Patty's Pond and is adjacent to Dennis Pines Golf Course.

Brick House Insurance has a few companies that can help.

You could still get cheap stuff and cheap labor, and rents while low still resulted in about a 25% return.