First, unfortunately many CPAs are not interpreting the Regs to IRC 469 properly and some are even defaulting STR to Sch C and SE tax without regard.

By year 10, you’ll have a combination of growing cash flow, appreciation, and equity that could boost your wealth by several hundred thousand dollars.Consistent investing and proper management can lead to solid passive income and long-term wealth.

I’ve been using a properly management software Hemlane for couple years with no major issues.

I absolutely collected first, last and security for my class-C rentals until NYS prohibited that practice back in 2019.Many tenants cannot manage their money properly, so this mitigates the issue of not being paid last month's rent when they need to move and the new landlord is receiving those funds they have allocated for their housing during the last month of their stay.This was also helpful to me to pre-screen who has their financial house in order and had saved for their moving costs as part of their planning.If I still could, I most definitely would - without exception.

Yes, I was very fortunate I was properly and like some folks make fun of me for-- over insured.

So, if you secure just 1 or 2 bookings under 7 days, you could potentially meet the criteria, provided you demonstrate material participation and proper active management of the property.

Because we charge by the bed, returns are significantly higher than market rental rates, even when considering our rent covers ALL housing costs ex food.With today's opioid epidemic rampaging across the US, there is a massive need for well run transitional living facilities everywhere, but it is easy for good intentions to sour when the houses are not run properly.  

You will have to give them proper notice AND I am unaware of any city or state that allows you to change the lock on a residential tenant.

If you move forward, make sure the LLC is properly set up and operating as a business—especially when it comes to collecting rent and paying the mortgage.Lastly, about taxes—transferring ownership won’t necessarily keep the income off your personal return if you're a single-member LLC, as it's considered a disregarded entity.

You just need to do the proper research and have realistic steps to reach your goals:)DM us for more advice.