Ty Rick, I figured this is what most that rely on RE as a core income & have a team to care for are doing to keep the machine running.

I recently got 2 lots for under your combined annual income (each), that I am planning on turning into good money making potential.

It depends on Johnny's tax rate, and how much employment income he already has. 

@Angelo CortezMost STRs report income and expenses on an IRS Schedule E (not Schedule C) unless your STR is offering "substantial services"-> for example, concierge services or a butler to guests. 

Furthermore, I'll happily introduce you to STR management companies in Atlanta if you're interested, but as we all know, this will cut your monthly income. 

We are interested in making use of the STR tax strategy to offset our W2 income this year (work 100+ hours, average rental less than 7 days, no one else worked more than us).But1) Can we only keep it as short-term rental for 2024 collecting minimal STR rents and convert it to LTR in the following year (2025).

Likely rental income 3 of the 4 units at $6,500.

I figure carrying a few notes on I/O would allow for stable income and using a few to 1031 can still help me grow.

Looking forward to the passive income but also to the tax benefits

How does a rental income of 1% of the purchase price equate to the property being a good investment?