Additionally, you could open an account in person with a national chain like Wells Fargo or Chase, since they have a presence in NJ. 

If some of your stays are booked outside AirBnB, it's ok, as long as you can prove that they did happen. 

Hi NYC neighbors and out of area investors: I'm wanting to know how many of you have chosen to use a hired manager for your long term hold rentals.  

I think in the long term itll help stablilize my area.

Tons of benefits with that, much less headache and shouldn't need maintenance for a long time. 

This way, you can immediately rent the basement, whether STR, MTR, or long term and use that rental income to update the rest of the home, one room at a time, to increase its value.

I am new to the industry but am focused on long term goals and wanting to build a team of reputable individuals where we can all bring each other value and make some great money together. 

You won’t end up in tax court but if you do, you would win based on everything you cited about material participation as long as you have a time and activity log that shows your tasks and provide a guest list that shows the number of nights your guests stay (easily found on the various platforms). 

Hey Matthew, It sounds like you are looking for a mid-construction loan to finish this project and refi into a long term loan? 

(Not actively purchasing as my money is tied up in the market right now)...so with the 2 lenders i've gotten here:STR DSCR Rural (not a log cabin or other non-conforming structure) just remote sfrHybrid loan 15% down, interest only investment loan with seller paid points to get to ~8% and reduce closing costs DSCR would use long term rental rates to establish monthly DSCR and then offset monthly with average DTI and 800+ credit and high cash reserves as long as DSCR is .75+additional appraisal to establish STR rate estimates to be used alongside the standard long term rental rates5 year prepayment penalty with reasonable terms